In January 2016, some employers will be required to report information regarding their employees and health insurance coverage on a month by month basis for the 2015 year. The filings will be reported on IRS Forms 1094 and 1095. While the first filing is not due until January 2016, it is essential that employers begin tracking this information now in order to capture all relevant information needed to fulfill the reporting requirements.
After completing an extensive evaluation of this reporting requirement, we have determined that the nature of relevant information that will be required in this reporting would be best prepared by those involved with the HR and payroll functions of a business. As a result, Harding, Shymanski & Company, P.S.C., will only be able to provide assistance and preparation of these forms to our full-service payroll clients (those using Millennium Payroll Solutions [Payentry/ MPay] payroll services).
Depending upon the type of insurance (fully insured or self-insured) and depending on the size of your workforce, the actual entity responsible for these filings may vary. In some cases, the employer will be responsible to complete these filings, and in other cases, the insurance company will prepare the filings on the employer’s behalf.
We strongly advise, if you have not already, that you begin discussions with both your insurance provider as well as your payroll provider to ensure that you are prepared to comply with this extensive new filing requirement due in January 2016 for the 2015 calendar year.
