BAS is ready to assist employers with their new IRS-required reporting obligations under health care reform.
Beginning in 2015, individuals must have minimum essential health coverage for each month of the year or pay a penalty. Also beginning in 2015, applicable large employers must provide affordable coverage that meets minimum value to their full-time employees and dependents.
The IRS requires large employers to document the provision of minimum value coverage by filing a new tax form. Employers of self-funded plans also have to file a new tax form showing that they provided minimum essential coverage to their employees.
The IRS released drafts of the new forms that employers will use to report health coverage offered to employees. While not yet finalized, these forms provide insight into the complex reporting required. Large employers should pay attention, because information must be gathered starting in 2015.
The draft forms were issued without instructions, and may be changed before they are finalized. The forms confirm that information must be reported for each month of the year. For each month, an employer must report the employee share of the lowest cost monthly premium for self-only minimum value coverage. Employers will also have to gather, among other data:
- Social security numbers for employees, spouses, and children
- Names and EINs of employers within the controlled group for each month of the year
- Number of full-time employees (including full-time equivalents) for each month
- Total number of employees for each month
BAS is programming MyEnroll.com to support data collection and form preparation and will be ready to help you meet your reporting obligations. For more information about our health care reporting services, please visit the health care reform section of our website or contact solutions@BASusa.com.
We have also developed free resources to help you understand the reporting requirements. Non-religious groups can download them here, and religious groups can download them here.
