The deadline for applicable large employers (ALE), or employers who have 50 or more full-time equivalent (FTE) employees, to file the new health care information return is approaching.
As quoted in an article from The Tax Advisor, most employers affected by the new regulation will have to file reports under Sec. 6056. This allows the IRS to know whether or not an employer is offering minimum coverage to its full-time employees. Employers must track month-by-month an employee’s coverage and employment status.
For an ALE to comply with Sec. 6056, they must file:
- Form 1095-C Employer-Provided Health Insurance Offer and Coverage for each full-time employee, and
- Form 1094-C Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns.
These forms must be filed on or before February 29, 2016, (or March 31, 2016 if filed electronically).
To read the full referenced article, click here. For more information or assistance on the employer health care information reporting, please contact Martin Simescu at (616) 608-8520 or firstname.lastname@example.org.