IRS Releases Draft ACA Reporting Forms - Bim Group

IRS Releases Draft ACA Reporting Forms

READ TIME: 2 MINUTES

The Internal Revenue Service (IRS) recently provided a first look at draft versions of Forms 1094-B and 1095-B and Forms 1094-C and 1095-C for employers to file in 2023 to report offers of coverage for 2022. Self-funded plan sponsors who are not applicable large employers (ALEs) will use Forms 1094-B and 1095-B (when finalized), whereas ALEs will use Forms 1094-C and 1095-C (when finalized). The draft forms contain no material additions this year, but the instructions have eliminated references to individual mandate penalties.

Employers should begin to familiarize themselves with the 2022 forms, especially if they are new to ACA reporting requirements. It is particularly critical for employers to understand the forms this year since the IRS continues to be less lenient with basic reporting errors. Confusion regarding the forms could lead to a simple and avoidable mistake creating costly consequences.

This information has been prepared for UBA by Fisher & Phillips LLP. It is general information and provided for educational purposes only. It is not intended to provide legal advice. You should not act on this information without consulting legal counsel or other knowledgeable advisors.

Recent Insights

September 28, 2022
Compliance Alert

Departments Issue No Surprises Act FAQ and Clarify Independent Dispute Resolution Process

READ TIME: 6 MINUTES The U.S. Departments of Health and Human Services, Labor, and the Treasury (the “Departments”) recently released final rules regarding the No Surprises Act. The rules specifically address required independent dispute resolution (IDR) of certain claims and expenses and finalize prior interim final rules relating to information that group health plans must […]
Read more
September 28, 2022
Webinar

Webinar: Navigating Tax-Favored Accounts and Consumer-Driven Health Care

Tuesday, October 11, 2022 1 – 2PM CST Register Now Learn the similarities and distinctions between the many tax-favored accounts available to employer groups and their interaction with a high deductible health plan (HDHP). Learn the advantages and disadvantages to employees and employers of the: Flexible spending account (FSA) Health reimbursement arrangement (HRA) Health saving […]
Read more
September 6, 2022
No Surprises Act

Departments Issue Final Rules to Clarify Dispute Resolution and Transparency under the No Surprises Act

READ TIME: 6 MINUTES On August 19, the U.S. Departments of Health and Human Services, Labor, and the Treasury (the Departments) released final rules regarding the No Surprises Act provisions of the Consolidated Appropriations Act, 2021. The rules address the No Surprises Act’s required independent dispute resolution (IDR) process and finalize prior interim final rules […]
Read more
September 6, 2022
Affordable Care Act (PPACA)

Important 2023 ACA Reminders for Applicable Large Employers

READ TIME: 4 MINUTES The Affordable Care Act (ACA) includes numerous requirements for applicable large employers (ALEs) to meet to maintain compliant group health plans. Many of these requirements change annually, so we provide you this overview of the key facts and figures to keep in mind for 2023. Affordability Threshold The ACA imposes an […]
Read more