Affordable Care Act IRS Reporting
The Affordable Care Act is not going away anytime soon, nor will the required IRS reporting that is part of it. Employers will continue to be required to compile and report annually to the IRS the offer of coverage to employees along with other elements such as whether the plan offers Minimum Value and Minimum Essential Coverage. BSC can track, prepare and mail the 1095-C forms to employees along with the digital 1094-C and 1095-C reporting to the IRS.
California Franchise Tax Board Reporting
California decided to add even more burden to health plans by requiring their own annual benefit reporting requirement. Employers must compile and report annually to the California Franchise Tax Board (CAFTB) the same information reported to the IRS and include the offer of coverage, Minimum Value, and Minimum Essential Coverage information. BSC can track, prepare and upload the digital 1095-C forms to employees and 1094-C data to the CAFTB.
Domestic Partner Imputed Income Reporting
Employers often offer generous benefit packages, which sometimes include coverage for Domestic Partners and Domestic Partners Dependents. However, in most cases, the benefit value for any DP coverage is considered taxable to the employee. BSC can help employers with this task by providing them with monthly and or annual Domestic Partner enrollment data report that includes the calculated premium differential between the Employee Only Premium subsidies against any Domestic Partner and Domestic Partner Child coverage amount.