The IRS has issued a new Form 1099-NEC to report non-employee compensation. Learn more about the new
for the year 2020.
Some states are requiring filers to file with the states directly. Learn more about the new
State filing Requirements
AFFORDABLE CARE ACT (ACA) REPORTING
What is Form 1095-B?
Under the Affordable Care Act (ACA), providers of minimum essential coverage are required to file form 1095-B with the IRS. Form 1095-B is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage and therefore are not liable for individual shared responsibility payments. This new category of information returns forms is used to monitor compliance with ACA rules.
Providers must file this form for each individual to whom they have provided insurance coverage within the year. A provider must provide a statement to the individual to whom the coverage is provided.
Form 1095-B is used by the IRS to determine if an individual is eligible for premium tax credit.
Form 1094-B is a summary form that is filed with form 1095-B electronically or on paper. If a provider has more than 250 individuals, then they are required to file electronically.
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Official IRS instructions>>
Who needs to file Form 1095-B?
Every person that provides minimum essential coverage to an individual during a calendar year must file an information return reporting the coverage. Small employers that are not subject to the employer shared responsibility provisions sponsoring self-insured group health plan will also use form 1095-B to report information about covered individuals. Health insurance issuers and carriers must file form 1095-B for most health insurance coverage, including individual market coverage and insured coverage sponsored by employers.
What is the deadline to file Form 1095-B?
The deadline to file this form with the IRS is the end of February if filing on paper. If filing electronically, then the deadline is the end of March. However, the deadline to provide employee copy is end of January.
for more information on deadline.
What is the penalty for failure to file Form 1095-B?
If you fail to file correct information returns or fail to furnish a correct employee statement, you may be subject to a penalty. For 2015 reporting, the IRS will not impose a penalty for filing incorrect or incomplete information if the filer/employer has made a good faith effort to comply with the reporting requirements. However, employers that fail to file in a timely manner may still be eligible for penalty relief if the IRS determines that the standards for reasonable cause are satisfied.
for more information of penalties.
About Form 1099-NEC
About Form 1099-MISC
About Form W-2
About Form 1099-INT
About Form 1099-DIV
About Form 1099-B
About Form 1099-C
About Form 1099-R
About Form 1099-S
About Form 1098
About Form 1098-T
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