The Affordable Care Act forms are also known as Forms 1094 and 1095 – let’s get to know them a little bit better. ACA Forms: What They Are & What They Do The Affordable Care Act (where the ACA forms get their name) is a healthcare reform law that was passed in 2010. Its purpose is to increase healthcare insurance coverage for uninsured individuals while reforming the healthcare marketplace to make affordable healthcare easily accessible to all people. Though it has been the subject of much criticism, the ACA is still intact, and so are the information return forms used to ensure that all employers are staying compliant with the ACA requirements. The ACA Forms are where businesses and individuals organize and report their contributions to the healthcare costs of employees. The ACA established guidelines for minimum essential coverage, or MEC, which include: Government sponsored programs Employer-sponsored coverage Individual market coverage Grandfathered plans Other health benefits and coverage recognized by the Department of Health and Human Services as minimum essential coverage There are several ACA forms: 1095-A, 1094-B, 1094-C, 1095-B, and 1095-C. Let’s discuss what each form consists of and who is responsible for filling out and submitting it. ACA Forms: 1095-A The Form 1095-A comes from the insurance companies that are participating in ACA healthcare exchanges with businesses and individuals. The insurance company sends this to you (the employer) so that your business can facilitate the filing of the other 1095 and 1094 ACA forms. ACA Forms: 1095-B & 1094-B The B and C versions of these ACA forms are grouped together when submitted. The first of these is the B version, which focuses on health coverage. The 1095-B is issued by self-insured employers that have fewer than 50 full-time or equivalent employees and provide health plans to them. This form reports which months the insured party and his or her family were …
4 More Reasons You Should Use an IRS-Authorized E-file Provider
A few years ago, we featured an article on our blog with 7 benefits of using an online and authorized e-file provider. We wanted to share some more great reasons to use a trusted and IRS-approved service when it comes to storing and filing your information return forms. Safety & Assurance – Your Data Is Well-Protected by a Trusted Provider In order to become an authorized e-file provider for the IRS, businesses like eFile360 must complete an application process. That application process is aimed at authenticating our business and the people who run it, in order to ensure that your tax information is going to be safe with us. Once the application is complete, the final step in the authorization process is to pass a suitability check. The IRS conducts this check themselves. The suitability check often involves a credit check, tax compliance check, criminal background check, and a thorough check for any prior non-compliance with IRS e-file requirements. If the last few years have taught us anything, it’s that we need safe and effective ways to do business online (even with sensitive information). And with cybersecurity threats on the rise, it’s important that you trust your tax information to a firm that is dedicated to safeguarding your data year after year. Elevated Expertise As an authorized e-file provider, eFile360 has proven its mastery of the information return filing system and we also bring our own team’s experience to the table for you to benefit from. Sometimes, the self-service option seems like the easiest or cheapest option, and we offer that as well. But more often than not, there are always one or two outliers while you’re working through your information returns. Maybe you’re not sure if an employee’s retirement distribution is with or without exceptions, or you’re still a little unsure about when you should use a Form 1099-NEC versus Form 1099-MISC. You could try to sift through the IRS instructions or hope that their call …
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