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ACA Reporting Requirements

The Affordable Care Act (ACA) brings with it new reporting requirements. Tax1099.com leverages technical and tax expertise to provide compliant ACA reporting solutions. In this post, we’ll cover 1) who needs to report, 2) what to report, and 3) when to report it. This information comes from Section 6055 of the ACA.

Who needs to report?

    • Insurers: Health coverage entities, or employers providing essential coverage to any individual
    • Large Employers: Those with 50 or more full-time employees. 
    • HealthCare Exchanges: See the IRS webpage for updated requirements.

What needs to be reported?

Insurers must provide information about the individual, and about the coverage provided. The individual’s name, address, and TIN are examples of information about the individual. Report this information on form 1095-B. 

Large employers must provide information about the employer (name, address, EIN, phone number of contact person, number of full-time employees, etc.), as well as information about the employee (name, address, TIN, employee portion, etc.). Report this information on form 1095-C. 

Employers that are also insurers can report 1095-B’s information with the 1095-C information.  

When does information need to be reported?

ACA reporting is voluntary for the 2014 tax year. Mandatory reporting begins with the 2015 tax year. Use this 2014 tax year as a practice filing period, before the mandatory reporting period begins on 1/1/2015.