Compensation & Benefits Alert - March 2016
IRS Provides Guidance to Individuals on What to Do with Forms 1095
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Most individuals are receiving for the first time in 2016 Forms 1095 from employers and insurance companies. These forms support the Form 1040 questions regarding whether each individual in the household had coverage for each month in 2015 and whether or not penalties are due from the individual under the Affordable Care Act’s (ACA) individual mandate. The Forms will also be used by the IRS to verify that individuals who were given federal subsidies for health insurance purchased on the exchange were indeed eligible for the subsidy and if not, to pursue recovery of the overpaid subsidies from the individuals.
For more information about these forms contact your BDO client service profession or one of the ACA specialists listed herein.
The IRS e-mail communication is copied below in its entirety.
Here’s What You Need to Do with Forms 1095-A, 1095-B and 1095-C
You, your employees or your clients may receive one or more forms that provide information about 2015 health coverage. These forms are 1095-A, 1095-B and 1095-C. The following health care tax tips provide some answers to common questions about these forms:
For more information on these forms, see our Questions and Answers
about health care information forms for individuals.
For more information, please contact one of the following practice leaders: