Health Care Reform

IRS Extends Due Date for ACA Reporting Forms 1095-B and 1095-C for 2016

Yeo & Yeo CPAs & Business Consultants

The IRS has provided a 30-day extension of the due date for Affordable Care Act (ACA) information that must be reported to covered individuals and employees, from January 31, 2017, to March 2, 2017. This includes IRS Forms 1095-B (Health Coverage) and 1095-C (Employer-provided Health Insurance Offer and Coverage). This extension has been auto... Read More

ACA Employer Reporting Can Be Easier

Christine Porras

Consider Yeo & Yeo for Preparing Form 1095 Under the Affordable Care Act, Applicable Large Employers are required to file Form 1095 along with the respective transmittal Form 1094 early next year. The IRS was lenient in assessing penalties for incorrect or incomplete information reported in 2016, for the 2015 calendar year. However, the... Learn More

How Many Employees Does Your Business Have for ACA Purposes?

Yeo & Yeo CPAs & Business Consultants

It seems like a simple question: How many full-time workers does your business employ? But, when it comes to the Affordable Care Act (ACA), the answer can be complicated. The number of workers you employ determines whether your organization is an applicable large employer (ALE). Just because your business isn’t an ALE one year... Read More

ACA Information Returns - Electronic Submission Due June 30, 2016

Yeo & Yeo CPAs & Business Consultants

We remind you that self-insured employers and applicable large employers who choose or are required to electronically file Affordable Care Act information returns, Forms 1094-B, 1095-B, 1094-C and/or 1095-C, must do so by Thursday, June 30, 2016. Employers who file 250 or more Form 1095-Cs are required to submit th... Act Now

ACA Boosts Popularity of Health Savings Accounts

Yeo & Yeo CPAs & Business Consultants

 The Affordable Care Act (ACA) seems to be making Health Savings Accounts (HSAs) more popular than ever. A recent report issued by Devenir, an HSA industry participant, highlights two key findings: 1. As of June 30, 2015, the number of HSAs climbed 23% from the previous year to 14.5 million, and 2. Account balances jumped 25%... Read More

Affordable Care Act Reporting Requirements Delayed by IRS

Yeo & Yeo CPAs & Business Consultants

Last week the IRS issued Notice 2016-4 extending the due dates of the new Affordable Care Act employer and insurance company reporting forms, 1095-B and 1095-C and related Forms 1094.  Forms 1095-B and 1095-C requirements were extended two months and must now be provided to insureds and employees by 3/31/16 ...

Gearing Up for The ACA’s Information Reporting Requirements

Yeo & Yeo CPAs & Business Consultants

Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year. Both the forms and their instructions are now available for ALEs to study and begin prepara...

New ACA Employer Reporting Requirements Effective Now

Yeo & Yeo CPAs & Business Consultants

Beginning in 2015, the Affordable Care Act (ACA) enacted two reporting requirements that call for employers to file additional forms with the Internal Revenue Service. The reporting requirements are satisfied by filing Forms 1095-B and 1095-C, along with the respective transmittal Forms 1094. Under the A...

Large Employers: Time to Start Planning for ACA Information Reporting

Yeo & Yeo CPAs & Business Consultants

With the U.S. Supreme Court's June 25 decision to uphold the Affordable Care Act (ACA) yet again, employers subject to the act's information reporting provision can no longer afford to put off planning in the hope that the requirements might go away. Beginning in 2016, "large" employers as defined by the act (generally employers with 50 or...

Affordable Care Act Reporting Requirements are Looming – Employers Need to Prepare

Yeo & Yeo CPAs & Business Consultants

In early 2016, employers with 50 or more full-time or full-time equivalent employees, labeled Applicable Large Employers (ALEs) by the federal government’s Affordable Care Act, will be required for the first time to report information about their employees and health insurance coverage afforded to them in 2015. New Forms 1095-B (Health Coverage)...