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IRS Approved ACA (Affordable Care Act) Tax Forms
Beginning January 2016, the Affordable Care Act’s Employer Shared Responsibility Rule will require employers to file annual information returns with the IRS and deliver employee statements containing information about health plan coverage. This reporting requirement is in addition to reporting health care costs on Form W-2
IRS Code Section 6055 requires health insurers and employers to provide enrolled employees and former employees with information that shows who has Minimum Essential Coverage (MEC). Employees will use this information to complete their federal tax returns – and those who do not have MEC may receive a penalty on their federal tax returns. (MEC is a requirement under the Affordable Care Act in order for people to avoid the Shared Responsibility Tax)
IRS Code Section 6056 requires health insurers and employers to provide the IRS a list of employees who were provided MEC during a calendar year. An Applicable Large Employer (ALE) can be penalized if they do not offer minimum essential coverage to full-time employees or the coverage is too expensive and the employee purchases coverage on the Exchange Marketplace. ALE is defined as a business with 50 or more full-time employees
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After June 1st all Tax Forms are for current tax year
