New for 2015, large employers are required to give employees who are deemed full-time under the Affordable Care Act (ACA), more commonly known as Obamacare, a Form 1095-C. This form will let employees and the IRS know what type of insurance coverage, if any, was offered to employees. Employees should provide this document to their individual tax preparer when filing their individual tax return. For more information about this form please visit the IRS website.
With tax season now in full swing, employers are busy preparing to distribute W2s and file taxes. However, an alarming amount of businesses are unaware of two very important forms that may be required. Companies can be fined thousands of dollars for failure to file. A recent CNBC article explains.
The many due dates and changes regarding the Affordable Care Act can be tricky to track. The ACA specialists at Eide Bailly aim to make it easier for our clients to understand the ins and outs of Health Care Reform. We recently updated our Q&A section to include pertinent questions on many aspects of Health Care Reform, including business transactions, look-back methods, COBRA plans, and more.