The IRS has released draft versions of the long-anticipated information returns that employers and insurers will use to meet the reporting requirements mandated by health care reform. Form 1095-B (and the related transmittal Form 1094-B will be filed by insurers and plan sponsors of self-insured plans to report information on health coverage provided to individuals, as required by IRC Sec. 6055. This information will assist the IRS in administering the individual shared responsibility penalty. Form 1095-C (and the related transmittal Form 1094-C will be filed by applicable large employers to report on coverage offered to employees, as required by IRC Sec. 6056 . The IRS will use information from this form to enforce the employer shared responsibility penalty and identify individuals that are ineligible for premium assistance credits.

The draft forms are available at:

http://apps.irs.gov/app/picklist/list/draftTaxForms.html

If you need any assistance in filing your returns please contact Holbrook & Manter.  Our professionals are ready to assist you in meeting these new filing obligations.