IRS Issues New Forms for ACA Reporting; Increased Penalties for Failure to Meet Requirements

The IRS has completed drafts of the 2015 forms and instructions for employers, insurers, and other health plan sponsors to use to meet their reporting obligations for the employer and individual mandates under the Affordable Care Act. These new forms and instructions include:

·  Form 1094-B

·  Form 1095-B

·  Form 1094-C

·  Form 1095-C

·  Instructions to Forms 1094-B and 1095-B

·  Instructions to Forms 1094-C and 1095-C

The most significant changes include additional procedural guidance on obtaining extensions and filing corrections, instructions for governmental employers on designating another governmental entity to complete the reports, and clarifications on the reporting of coverage for COBRA participants.