IRS Releases Drafts of ACA Reporting Froms & Instructions
The Internal Revenue Service (IRS) has released early drafts of the instructions and health insurance coverage reporting forms required under the Affordable Care Act.
The drafts include information such as how to file forms and by what date(s) each is due, as well as how to file for extensions and waivers that may be available.
As outlined by Fraser Trebilcock, the reporting requirements are applicable under two IRS code sections:
- Section 6055 for insurers, self-insuring employers, and certain other providers of minimum essential coverage; and
- Section 6056 for applicable large employers.
Fraser Trebilcock also points out that “these draft instructions and forms reflect only minor changes, such as a few formatting modifications and the reflection of indexed penalty amounts for reporting failtures”.
As of now, there is no indication that the IRS will extend the filing deadlines, as they have in past years.
For more details on these drafts, please click here.
The information included in this blog post originally appeared in a Fraser Trebilcock Davis & Dunlap, P.C. blog on September 18, 2018, written by Elizabeth H. Latchana and Samantha A. Kopacz.