The Affordable Care Act (ACA) Employer Shared Responsibility Rule, under IRS Code Sections 6055 and 6056, will take effect in January 2016 and will require employers to file annual information returns with the IRS and deliver employee statements with health plan coverage information. This new reporting requirement is in addition to the current requirement that healthcare costs must be listed on Form W-2.

Considering that 300 million tax forms will be filed in the upcoming season, the impact of the new requirement will be widespread. Tax forms that will be required for filing ACA healthcare costs include forms 1094-B, 1094-C, 1095-B and 1095-C. In addition to affected individual taxpayers, the new requirements will significantly affect health insurance companies, businesses with 50 or more employees, and payroll providers.

We will do our best to keep our customers apprised of changes and offer the necessary forms.