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IRS Issues Final 2020 ACA Forms 1094-C,1095-C, and Reporting Instructions

ACA Times

2 minute read: The IRS has released the final versions of the ACA reporting Forms 1094-C and 1095-C, in addition to the reporting instructions for the 2020 tax year, to be filed and furnished by Applicable Large Employers (ALEs). You can find the final 2020 filing instructions by clicking here.

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Remember, No Good Faith Transition Relief This Year

ACA Times

With the New Year just a few short weeks out, employers should remember that 2020 was the final year for Good Faith Transition Relief. That means filing late or inaccurate ACA information this year could cost you an IRS penalty — no exceptions. What is Good Faith Transition Relief?

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Big IRS News Concerning 2020 ACA Deadlines

ACA Times

2 minute read: The IRS just released very important guidance concerning employers’ obligations under the Affordable Care Act. Notice 2020-76 , released October 2, 2020, addresses a broad array of topics under the ACA compliance umbrella. Final Extension of Good-Faith Relief for Filing and Furnishing.

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The New 1095-C Codes for 2020 Explained

ACA Times

2 minute read: We recently covered the ins and outs of the ACA’s Form 1095-C. Now, we will be covering the new codes that are anticipated for the 2020 tax year as they pertain to the Individual Coverage Health Reimbursement Arrangement. Following the issuance of a new rule issued pursuant to President Trump’s Executive Order No.13813

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IRS Release Drafts of 2020 IRS Forms 1094-C and 1095-C

ACA Times

2 minute read: The IRS released its draft 2020 IRS Forms 1094-C and 1095-C, dated as draft as of July 13, 2020. There are no changes to the Form 1094-C from the prior year. Of course, depending on how these changes impact your reporting on 1095-C, your reporting on the 1094-C may also change.

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3 Signs The IRS is Increasing Efficiency in ACA Enforcement

ACA Times

When the Patient Protection and Affordable Care Act (ACA) was signed into law on March 23, 2010, the Internal Revenue Service (IRS) was tasked with a brand new enforcement regime under the ACA’s Employer Mandate. . ACA compliance is not an easy undertaking. No more Good-Faith Transition Relief.

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California Individual Mandate Final Regulations Have Been Updated

ACA Times

In the interim, you can find more information on the amended special rules, by heading to the FTB’s final regulations. For more information on previously released details within the final regulations , read our review on what you need to know. Draft instructions for Form 3895C can be viewed here.

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