Finalized 2024 Forms and Instructions for ACA
The Internal Revenue Service (IRS) has released the final 2023 forms for reporting under Internal Revenue Code Sections 6055 and 6056 (Forms 1094-B, 1095-B, 1094-C, and 1095-C), along with related final instructions.
Employer Action Items
Employers should become familiar with these forms and instructions for the 2023 calendar year reporting and, if necessary, begin to explore options for filing ACA reporting returns electronically (e.g., work with a third-party vendor to complete the electronic filing). As a reminder, not only are applicable large employers required to file on the coverage offered to its full-time employees, but small employers with level or self-funded health plans also have a filing requirement under IRC Section 6055 to report coverage information.
Furnishing and Electronic Filing Deadlines
Beginning with filings on or after January 1, 2024, the electronic filing threshold for information returns has been decreased to 10 or more returns (originally, the threshold was 250 or more returns). Accordingly, individual statements for 2023 must be furnished to employees by March 1, 2024, for most employers, and electronic IRS returns for 2023 must be filed by April 1, 2024.
Several states, including California, Massachusetts, New Jersey, Rhode Island, as well as the District of Columbia, have their own reporting requirements to evidence an employee’s compliance with the individual mandate. Deadlines may differ from the federal law requirements noted in the previous paragraph.
More Information
See the accompanying links for final Forms 1094-B and 1095-B and Forms 1094-C and 1095-C. Final instructions are available here, and here, respectively. Also, read our article “ACA Electronic Filing Reminder” below in this issue of the Baldwin Bulletin for additional information regarding the new electronic filing threshold.
For questions regarding this Legislative Update or any other related compliance issues, please contact your Burnham Benefits Consultant or Burnham Benefits at 949‐833‐2983 or inquiries@burnhambenefits.com.
This Legislative Update was prepared by the Baldwin Regulatory Compliance Collaborative (the “BRCC”), a partnership of compliance professionals offering client support and compliance solutions for the benefit of the Baldwin Risk Partners organization, which includes: Jason Sheffield, BRP National Director of Compliance; Richard Asensio, Burnham Benefits Insurance Services; Nicole L. Fender, the Capital Group; Bill Freeman, AHT Insurance; Stephanie Hall, RBA/TBA; Caitlin Hillenbrand, AHT Insurance; Paul Van Brunt, Baldwin Krystyn Sherman Partners (BKS); and Natashia Wright, Insgroup.
Burnham Benefits and the BRCC do not engage in the practice of law and this publication should not be construed as the providing of legal advice or a legal opinion of any kind. The consulting advice we provide is intended solely to assist in assessing its compliance with applicable federal and state law requirements, and is based on our interpretation of federal guidance in effect as of the date of this publication. To the best of our knowledge, the information provided herein, and assumptions relied on, are reasonable and accurate as of the date of this publication. Furthermore, to ensure compliance with IRS Circular 230, any tax advice contained in this publication is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the United States Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter.