The IRS has released draft Forms 1095-A , 1095-B and 1095-C with related instructions.
Form 1095-A is used to report information to the government about individuals who enroll in a qualified health plan through the Health Insurance Marketplace. This form is also used for individuals who want to take the premium tax credit for Marketplace coverage.
Form 1095-B is used to report information to the IRS and taxpayers about individuals who are covered by minimum essential coverage.
Form 1095-C is filed and furnished to any employee of an applicable large employer member who is a full-time employee for one or more months of the calendar year.
The release of the 1095 Draft Forms serves as a reminder for employers to make sure they are gathering data and preparing for 2021 calendar year Affordable Care Act reporting. 1095-B/C Forms for the 2021 tax year must be furnished to full-time employees and covered individuals by January 31, 2022. It is likely the due date for form furnishing will not be extended as it has in prior years since the IRS has indicated the end of good faith compliance starting with this reporting year.
For information about BAS’ Affordable Care Act data collection and reporting service, contact your account manager or solutions@basusa.com.
