Certain employers, plan sponsors, and insurers are required to report health plan information and participant coverage data to the IRS on Forms 1094 and 1095. The IRS uses this information to administer and regulate various aspects of the Affordable Care Act (ACA), including an individual’s eligibility for a premium tax credit when purchasing health insurance through a public Marketplace and the §4980H employer shared responsibility rules.
There are a lot of moving pieces when it comes to completing the required employer reporting. This guide has compiled some of the more common questions that plan sponsors have as they navigate fulfilling their obligation to complete this reporting.