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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.
