IRS forms 1095 and 1094 have been published in their final forms, paving the way for businesses with 50 or more full-time employees to complete them in 2016. The problem is most business-owners have no idea they’re responsible for filing these very complicated tax forms.
To complete these forms correctly and avoid penalties, you must begin tracking certain employee data like how much they paid for the lowest cost MEC plan, when employees were covered, what safe harbor for affordability the group is using and much more.
Got questions how to navigate these forms and their requirements? Ask your advisor.