Late in the day on March 5, 2014, the IRS and Treasury issued final regulations implementing the information reporting requirements under Internal Revenue Code sections 6055 (insurer reporting) and 6056 (large employer reporting). These requirements were added by the Affordable Care Act (ACA) and take effect in 2015. First reports must be filed by March 1, 2016 (March 31 if reporting electronically). The final rules streamline and simplify reporting requirements, particularly for employers that offer affordable coverage (under the “100% of federal-poverty-line” safe harbor) to at least 95% of their full-time employees and dependents (and even more streamlined for employers who offer such coverage to at least 98% of full-time employees).
The reporting requirements apply only to “applicable large employers” – defined as those who employed on average at least 50 full-time employees and full-time equivalents on business days during the prior calendar year.
As a large employer, you are not on your own. Professionals at Richardson & Associates are here to help, so that you can stay focused with your core competency.
We are expert in section 6055 &6056 reporting and compliance. We will make sure you meet all reporting requirements under section 6055 &6056.