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Addressing the Needs of Our Clients: IRC Sections 6055 & 6056 Reporting Strategies

IMG_1311On Tuesday, June 16th, CEOs, CFOs and HR professionals filled the grand ballroom at Aronimink Golf Club seeking answers and guidance from the Creative Benefits Inc. Health Care Advisory Panel.  Creative Benefits hosted it’s second workshop for to review the new requirements under Sections 6055 & 6056 of the Internal Revenue Code.  This provision under the law which has become known as ‘Obamacare’ has a tremendous impact on Employers who must fulfill onerous reporting requirements for this tax year 2105.  Through extensive research on this mandate and in preparing clients on the what, why, how and when, our team has created a framework to ease the planning process and expedite report completion. “It is imperative that Employers understand and begin to prepare for the Employer Shared Responsibility Provision now,” says Ann Duke, General Counsel at CBI.  Plans should be set in motion no later than September of this calendar year, to ensure deadlines are met and penalties are avoided.  The complexity of the reporting is putting undue burden on business owners and human resource professionals.

The discussion focused on answering common questions including…

  • What size is your company under to the Affordable Care Act ?  Which parts of the Internal Revenue Code Sections 6055 & 6056 affect you ?
  • Is your offer of coverage ‘Affordable’ ?  Does it meet ‘Minimum Value’ requirements ?
  • New tax forms: 1094-B, 1094-C, 1095-B, 1095-C;  Which forms are you required to file with the IRS?  Which forms are you required to provide to your employees ?
  • How to classify your Offer of Coverage & applicable Safe Harbor Codes on the Employer Transmittal and Employee Statements.
  • Mandatory filing deadlines for calendar year 2015 !  Penalties for non-compliance.
  •  Identifying the information needed and how to complete the required forms.

The workshop provided an overview of the reporting process and direction on form completion. The Health Care Advisory Team as well as all Account Managers at Creative Benefits are available to provide guidance to clients as they begin planning for this tax year’s filing.

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