What are the Information Reporting requirements under IRC Section 6055?
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Last modified 1/11/2021 12:37:49 PM EST
The Affordable Care Act added section 6055 to the Internal Revenue Code, which requires every provider of minimum essential coverage to report the individual’s health coverage information with the IRS and furnish a statement to individuals on-time.
Who is Required to Report?
Any party (unless an employer that sponsors a fully- insured health plan) providing minimum essential coverage to an individual must report this health coverage information to the IRS and furnish statements to individuals under section 6055, including the following:
- Health insurance issuers, or carriers.
- Plan sponsors of self-insured group health plan coverage, and
- The executive department or agency of a governmental unit that provides coverage under a government-sponsored program.
Forms to Report
The information reporting requirements under section 6055 require every health coverage provider to report Form 1094-B and Form 1095-B to the IRS summarizing the individual’s health insurance coverage for each month of the year.
This also mandates providers to furnish a copy of Form 1095-B to the responsible individual.
|Furnishing Recipient Copy||March 02, 2021|
||March 31, 2021|
||February 28, 2021|
If you are a health coverage provider or self-insured employer (with less than 50 full-time employees) looking to meet your information reporting requirements under IRC section 6055. Contact ACAwise, our team handles your reporting of individual’s health coverage information with the IRS and furnishes a statement to individuals before the IRS specified deadline.