Reporting worker health coverage doesn’t apply just to large employers.
All companies that self-insure must comply, regardless of size, IRS confirms. Starting in early 2016, all businesses with 50 or more full-time-equivalent employees must report 2015 coverage data for each full-timer to IRS and workers on Form 1095-C. Firms will also file with the Service Form 1094-C, which requires more information. Small firms with fewer than 50 employees that provide self-insured medical coverage will use different forms…1095-B to report 2015 coverage information to employees and the IRS and 1094-B to transmit the health returns to the Revenue Service.
On tap for 2016: An online tool for calculating the individual mandate tax. Recognizing that figuring the amount of tax owed by folks without health insurance is complicated, IRS developed a tool to assist its examiners in their review of returns. Treasury inspectors say that the tool accurately calculates the tax and have urged IRS to put it on the agency’s website so taxpayers can start using it next filing season.