Tip Tuesday! Breaking down IRS’ final Obamacare reporting forms

By Jared Bilski

The wait is over. Employers now have access to the final versions of the forms they’ll file to show they’re in compliance with the ACA “Shared-Responsibility” mandate. And the sooner they start making sense of these forms, the better.

The IRS just released the final forms, which include Form 1095-B, Form 1095-C, and Form 1094-B and Form 1094-C, which will be used in 2016 for the 2015 filing year. (Note: Firms aren’t required to file for tax year 2014, but may do so if they wish.)

The agency also released guidance titled “Affordable Care Act: Reporting Requirement for Applicable Large Employers,” which covers preparations for monthly tracking and filing help for 2016.

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