Initial "Cadillac Tax" Guidance Released

The Internal Revenue Service released initial guidance on the Affordable Care Act's "Cadillac Tax" which is set to take effect in 2018.  The IRS says that  Notice 2015-16 (http://www.irs.gov/pub/irs-drop/n-15-16.pdf) is intended to “initiate and inform the process of developing regulatory guidance” and addresses several aspects of the Cadillac tax relating to: (1) the definition of applicable coverage; (2) the determination of the cost of applicable coverage; and (3) the application of the annual statutory dollar limit to the cost of applicable coverage.   

 

The IRS anticipates issuing another notice, before the publication of proposed regulations, describing potential approaches to a number of issues not addressed in Notice 2015-16, including procedural issues relating to the calculation and assessment of the excise tax.

IRS issues final forms for employer shared responsibility and minimum essential coverage reporting requirements

The IRS has issued final forms for the employer shared responsibility and minimum essential coverage reporting requirements.

This reporting is voluntary this year reporting for the calendar year 2014, but is mandatory in 2016 reporting on the calendar year 2015. Copies of the forms and instructions can be found by following the links below.

For more information regarding the reporting requirements please plan to join our webinar on 2/26. You can register by following this link.

Form 1094-B,Transmittal of Health Coverage Information Return:  http://www.irs.gov/pub/irs-pdf/f1094b.pdf 

 

Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Return: http://www.irs.gov/pub/irs-pdf/f1094c.pdf

 

Form 1095-A, Health Insurance Marketplace Statement: http://www.irs.gov/pub/irs-pdf/f1095a.pdf

 

 

Form 1095-B, Health Coverage: http://www.irs.gov/pub/irs-pdf/f1095b.pdf  

 

Form 1095-C, Employer Provided Health Insurance Offer and Coverage: http://www.irs.gov/pub/irs-pdf/f1095c.pdf

 

Instructions to the Form 1095-B and 1094-B: http://www.irs.gov/pub/irs-pdf/i109495b.pdf 

 

Instructions to Forms 1095-C and 1094-C: http://www.irs.gov/pub/irs-pdf/i109495c.pdf