It's that time of year again: ACA Reporting for Tax Year 2016 is officially here. Similar to Tax Year 2015, it comes with complex regulations and the feedback from employers and consultants alike for the IRS to make the process more simple. This year, there are some positive changes; the IRS listened to concerns and made some necessary changes to the Tax Year 2016 ACA Reporting Forms.
We've spent the time tracking the changes to Forms 1094-B/C and 1095-B/C.
Form 1095-C has gone through the most significant changes:
- In Part II Line 14, Tax Year 2015's Qualifying Offer Method Transition Relief has been updated to Code 1I. Reserved.
- In Part II Line 14, two new codes have been added: 1J and 1K.
- If minimum essential coverage for spouses was not offered to dependants, 1J is used.
- If minimum essential coverage for spouses was offered, 1K is used.
- In Part III Column B, SSN or TIN is allowed for identification purposes.
- In Part III Column C, a Date of Birth is allowed if the SSN or TIN is unavailable in Column B.
Check out the IRS' updated Tax Year 2016 ACA Reporting forms below:
Form 1094-C: Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
Form 1095-C: Employer-Provided Health Insurance Offer and Coverage
Form 1094-B: Transmittal of Health Coverage Information Returns
Form 1095-B: Health Coverage