Thursday, February 11, 2016

Another Obama Care Migraine Form 1095-C

Beginning this year, Obama Care aka the Affordable Care Act (ACA) requires businesses that employ more than 50 people to report to the IRS on the health insurance offered to their full-time employees. 

The Form is a 1095-C and includes information about the health insurance coverage offered to you and, if applicable, your family. You may receive multiple Form 1095-Cs if you worked for multiple lemployers (those employing more than 50 people) in the previous calendar year. 

The deadline for providing you with the form is 3/31/2016.

In most cases, you do not need to wait for the Form 1095-C in order to file your U.S. Individual Income Tax Return and the form should not be sent to the IRS with your return. You should know whether you had health coverage and can simply check a box on your tax return to attest that you, your spouse (if filing jointly), and any family members (dependent children) had the required coverage.

CPs take:

Sounds simple right? 

Well, apparently not!  Even the mega payroll processor PayChex is struggling with generating the data and reports. Small employers (CP being one) are overwhelmed with regulations and paperwork. The size of my tax return has exploded from 30 pages ten years ago to more than 130. I've recently held a small business tax return that ran more than 800 pages. 

I'm not talking GM here rather just a small 100 employee operation. 

This America is nuts!

Legal disclaimer:


If you have questions regarding the above information, please consult your tax advisor.

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