ACA Reporting for 2023 Tax Year
What is Form 1095-B/C?
Section 6055 Insurance Company & Self Insured Plans
Section 6056
Large Employers Reporting
Section 6055 mandates all health insurance providers, self-insured employers, to report the health coverage information to all covered individuals using Form 1095-B.
Section 6056 mandates all applicable large businesses to submit health coverage information to all covered individuals using Form 1095-C.
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Changes in ACA Forms For Tax Year 2023
The IRS has released the Revised ACA Forms for the Tax Year 2023 and it is noted that there is no change or addition of codes to the ACA forms. Based on the Federal poverty line percentage, the IRS has adjusted the ACA affordability percentage for the 2023 tax year as 9.12%.
The penalties for the 2023 tax year are,
○ Under Section 4980H(a) - the penalty rate is $2,880
○ Under Section 4908H(b) - the penalty rate is $4,320
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2023 Draft ACA Forms 1095-B/C
The Internal Revenue Service (IRS) issued 2023 draft ACA forms 1094-B, 1095-B, 1094-C, and 1095-C for Employers, Plan sponsors and Group health insurers.
Note: These drafts are provided by the IRS solely for informational purpose and shouldn't be used for filing.
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Deadline to report ACA Forms
ACA deadlines established by the IRS:
Paper filing deadline
February 28, 2024
Recipient copy distribution
March 04, 2024
E-filing deadline
April 1, 2024
Note: If the due date falls on any federal holiday, then the next business day will be the filing due date.
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Form 1095-B
Form 1095-C
● Responsible Individual
● Information About Certain Employer-Sponsored Coverage
● Issuer or Other Coverage Provider
● Covered Individuals
● Details of Employer and Employee
● Information about the coverage provided to the employee
● Details about the covered individuals
Know more about Form 1095-B Instructions.
Know more about Form 1095-C Instructions.
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Required Information to File ACA Forms
Steps to E-File ACA Forms
Create a free account with TaxBandits and start filing your ACA forms. (704) 684-4751 support@taxbandits.com Choose Form 1095-B/C and Enter Form Information Review And Transmit Form to the IRS Deliver Employee Copies (Online/Postal)
ACA Forms 1095-B/C Penalties
If you miss or fail to file 1095-B/C before the deadline, you will be penalized by the IRS.
ACA Penalty amounts are based on the size of the organization and the date the form is actually filed. Penalty fees can range from $50 to $536,000.
NOTE: If you need additional time to file ACA Form 1095-B/C, you can apply for an automatic 30-day extension by filing Form 8809.
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ACA Forms 1095-B/C Mailing Address
IRS recommends taxpayers to e-file over paper filing for a quicker and more secure filing experience.
However, if you prefer to paper file and have to mail your paper copies of the ACA Form 1095 B/C to the IRS, Make sure that you have the correct Mailing address.
Form 1095 B Mailing address
Form 1095 C Mailing address
Note: The mailing address may vary based on the business operation state.
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Why Choose TaxBandits to file your ACA Forms
TaxBandits, an IRS authorised e-file provider is the best solution to process your ACA Reporting.
● IRS and State Filing
● Employee Copy Distribution (Online/Postal)
● Bulk Upload Templates
● Internal audit check
● Volume based pricing for high volume
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Contact Us
If you have any queries, feel free to contact our support team
TaxBandits support team can help you Monday through Friday, 8.30 AM to 5.30 PM EST, via phone, email, and live chat.
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