Proposed Section 6055 Regulations
The IRS has issued proposed regulations providing guidance to providers of minimum essential health coverage that are subject to the information reporting requirements of IRC Sec. 6055. Beginning in 2015, IRC Sec. 6055 requires health insurance issuers, certain employers, governments, and others that provide minimum essential coverage to individuals to report to the IRS information about the type and period of coverage and furnish related statements to covered individuals. Generally, the required information will be reported on new Form 1095-B. However, some combined reporting may be allowed using Form W-2 and the new Form 1095-C that applicable large employers must use for the Section 6056 reporting requirements.
Proposed Section 6056 Regulations
The IRS has issued proposed regulations providing guidance to employers that are subject to the information reporting requirements under IRC Sec. 6056, which begin in 2015 and require applicable large employers to report to the IRS information about their compliance with the employer shared responsibility provisions of IRC Sec. 4980H and about the health care coverage they have offered full-time employees. IRC Sec. 6056 also requires those employers to furnish related statements to employees so that employees may use the statements to help determine whether, for each month of the calendar year, they can claim on their tax returns a premium assistance credit under IRC Sec. 36B. Generally, the required information will be reported on new Form 1095-C. However, the proposed regulations provide for simplified reporting, using Form W-2, in certain situations.
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