ACA Reporting
ACA Compliance Lessons Learned From Recent Reporting Seasons
Common themes emerge when reflecting on recent ACA reporting seasons that can help employers reduce administrative burdens and improve accuracy.
ACA Reporting
IRS Releases Draft Versions of 2024 ACA Reporting Forms
The IRS released draft versions of IRS Forms 1095-B, 1095-C, 1094-B, and 1094-C for the 2024 reporting year.
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The IRS has released draft versions of IRS Forms 1095-B, 1095-C, 1094-B, and 1094-C for the 2024 reporting year. These forms are essential tools for compliance with the Affordable Care Act (ACA) and are used by employers and insurance providers to report health coverage information to the IRS and individuals.
Forms 1095-B and 1095-C are used to provide information to employees and covered individuals about the health insurance coverage offered and received. Specifically, Form 1095-B is furnished by insurance providers, including self-insured employers that are not considered applicable large employers (ALEs), to provide information to individuals covered by minimum essential coverage. Form 1095-C is furnished by ALEs to full-time employees (and some covered employees) to provide information about health insurance offers and coverage.
Accompanying these forms, Forms 1094-B and 1094-C serve as transmittal documents submitted to the IRS. Form 1094-B is used by insurance providers to transmit Form 1095-B, while Form 1094-C is used by ALEs to transmit Form 1095-C. These transmittal forms also provide summary information about the number of forms filed and the status of the filer.
It’s important to note that these forms are currently in draft form, and the IRS may make further revisions before the final versions are released. Employers and insurance providers should stay updated with any changes to ensure compliance with the final requirements.
BAS will continue to monitor updates from the IRS and provide guidance to help navigate the reporting process. For more detailed information and to review the draft forms, please visit the IRS website.
By staying informed and prepared, BAS can help ensure a smooth and accurate reporting process for the 2024 ACA reporting year. Form information about BAS’ ACA data collection and reporting services, contact your account manager or solutions@basusa.com.
Benefit Allocation Systems (BAS) provides online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
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This article is for informational purposes only and is not intended as legal, tax, or benefits advice. Readers should not rely on this information for taking (or not taking) any action relating to employment, compliance, or benefits. Always consult with a qualified professional before making decisions based on this content.
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