The IRS has released updated versions of forms 1094-B, 1094-C, 1095-B, and 1095-C. The updated forms are similar to last year’s versions with a few revisions that include new COBRA and spousal coverage coding, the removal of the “good faith” standard (which is being replaced with a “reasonable cause” standard), and an increase in penalties. Employers should review all new changes and forms, as well as the newly adjusted instructions.
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