2024 Pay or Play Affordability Percentage

Final Regulations Issued on New Reporting Requirements Under ACA’s Sections 6055 and 6056

The Affordable Care Act requires certain employers to report to the IRS detailed information about the medical insurance they provide to employees.  These reports are referred to as 6055 and 6056 based on the section of the ACA in which they are written. 

The first reports will cover calendar year 2015 and are due in early 2016.

Similar to the W-2 forms you send to the IRS and to employees each January, one copy of each report (or return) will be sent to the IRS and another copy to the affected employee.

The reporting requirements pertain to you as an employer if you are:

  • a plan sponsor of a self-insured health plan of any size; and/or
  • a large employer (generally 50 or more employees) offering a group health plan
  • a multiemployer plan
We have summarized the final regulations on these two reports in the client alert, “Affordable Care Act Reporting Requirements IRS Sections 6055 and 6056” which you can find here.
 
Creative Benefits will work with each of our clients affected by these reporting requirements to ensure complete and timely reporting.