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Are you familiar with the new IRS Employer Reporting forms for 2015 & 2016?

More importantly, is your CPA (IRS Sections 6056/6055), payroll provider and/or benefit broker up-to-date and informed on these requirements?

Feel free to give us a call and we can walk you through the details. Here’s the Reader’s Digest version:

  • If less than 50 employees & offering a “fully insured” group plan, then your carrier will issue the required 1095 form to your employees and there’s very little you’ll need to do.
  • 50 or more full-time equivalent employees will need to file an annual information return reporting. In addition, Applicable Large Employers (ALE) are subject to the Employer Shared Responsibility provisions.
  • Regardless of size, all employers that provide self-insured health coverage to their employees must file an annual return reporting certain information for each employee they cover.

Here’s an article from the Wall Street Journal & Anthem on the matter. The good news is there’s plenty of time and the CPA community will now have time to get updated with the 2014 tax season mostly in the books.

Non-ACA Compliant Health Insurance Plans to “Phase-Out” in 2015.

As you likely have heard by now, the Colorado Division of Insurance (DOI) announced last month that all remaining health insurance plans for individuals and for small employers that do not meet the Affordable Care Act (A.C.A.  i.e. “Obamacare”) requirements will not continue into 2016. This will impact nearly 200,000 people this year, mostly Coloradans.

Simply put…at “anniversary” renewal date in 2015, any group or individual enrolled on a Colorado-based health plan originally issued prior to January 2014 will not be allowed to “keep their plans.” You’ll receive plenty of notification from your insurance carrier and of course, we are here to guide you through our area of expertise and find the most competitive option moving forward. Here’s a Denver Post article on the matter. And, here’s a good FAQ and some additional information from the DOI.