Many Small Businesses Unaware Of New IRS Affordable Care Act Reporting Requirement
By now most businesses and insurance companies are familiar with the Patient Protection and Affordable Care Act, sometimes referred to as ACA or ObamaCare, but many small businesses are unaware of another “hidden” requirement outlined as part of the ACA.
In 2016 (for reporting on calendar year 2015) employers and insurers are expected to be compliant with ACA reporting requirements, which requires Form 1095-B or Form 1095-C to be filed with the IRS and a copy sent to employees, similar to W-2 forms.
Form 1095-B or Form 1095-C, as applicable, must be provided to recipients/employees by March 31.
To find out if your business has an ACA filing obligation this year, simply follow the guide below:
Read more about the Affordable Care Act Reporting here: