In anticipation of the large-employer reporting requirements outlined in Code 6056 of the Healthcare Reform law, the IRS published draft forms. The reports are intended to confirm an employer’s compliance with the Employer Mandate, enforce the Individual Mandate, and confirm employees’ and family members’ eligibility for subsidies related to health insurance premiums on plans purchased on an Exchange.
Initial reporting is required in January 2016. We’ve attached copies of the forms, Form, 1094-C , which will be submitted to the IRS, and Form 1095-C, which will be distributed to each employee, for informational purposes. At this point, the forms are in draft form, and may change somewhat. It is important to note that the reports will require information not previously collected from employees, such as their spouse and dependent social security numbers. We highly recommend that our clients use the ensuing months to develop methods of collecting and maintaining the necessary data, and transferring the information to the applicable format.