IRS Releases Draft ACA Reporting Instructions for 2023
The IRS has published the draft instructions for health insurance reporting requirements under IRS Code Sections 6055 and 6056. These instructions will guide employers in their reporting obligations to both the IRS and their employees. As a reminder, employers have an obligation to furnish 1094/1095 statements to both employees and the IRS:
- Individual 1095 statements must be provided to employees by March 1, 2024.
- 1094 and 1095 forms must be filed with the IRS by April 1, 2024.
It is important to note that the IRS has drastically changed its Electronic Filing requirements beginning with the 2024 calendar year. Employers will be required to use Electronic Filing to file these forms with the IRS if they will be submitting at least 10 forms (down from 250 in previous years). Many employers who previously did not have to file electronically must now familiarize themselves with the process moving forward.
Employers should familiarize themselves with the draft forms given by the IRS and ensure that they can understand what is expected of them with regard to reporting. Employers should also be advised that these rules are merely draft regulations and should not be considered the final word on Section 6055/6056 reporting requirements.
The draft instructions for Forms 1094-B and 1095-B can be found HERE.
The draft instructions for Forms 1094-C and 1095-C can be found HERE.