New reporting requirements have been added to the Internal Revenue Code by ACA:
Code section 6055 – which requires reporting of the health coverage that an individual receives
Code section 6056 – which requires large employers to report on whether they are complying with the Employer Mandate. It is this reporting that helps the IRS determine whether:
An employer is providing minimum coverage to its employees in compliance with the employer mandate.
• An individual has health coverage through his employer, thereby satisfying his Individual Mandate obligation
• Whether an individual is eligible for premium tax credits under the Exchange
Have more questions? Give us a call at 281-488-2022 or 409-765-9311 and we will be happy to help!