What You Need To Know About 1094 Forms

Small business owners discussing what they need to know about IRS Form 1094Most small business owners and employers immediately think of IRS Form 1095 when discussing the upcoming ACA Reporting Deadlines 2019. Although it is required that Form 1095 be filed, there is an important transmittal form that must accompany filed 1095 Forms.

Today, we will cover what you need to know about 1094 Forms so that you can accurately meet the 2019 ACA deadline for recipient copies on March 4th.

What You Need To Know About 1094 Forms

IRS Form 1094-B

Form 1094-B is the transmittal form that accompanies Form 1095-B when filing with the IRS each year. Together, Forms 1094-B and 1095-B are used to report the type of coverage offered by health care providers to individuals and verify an individual and any dependents that received at least minimum qualifying health insurance coverage from the provider during the calendar year.

Information Required to Complete Form 1094-B

  1. Employee information such as name, social security number, contact information, etc.
  2. Number of the Form 1095-B transmitted with Form 1094-B

Simple, right?!

IRS Form 1094-C

Form 1094-C is the transmittal form that accompanies Form 1095-C when filing with the IRS each year. Together, Forms 1094-C and 1095-C are used to provide information to the IRS regarding health insurance coverage offered to your full-time employees and that status of individual employee’s enrollment. Form 1094-C is only sent to the IRS, not to employees.

Information Required to Complete Form 1094-C

  1. Employee information such as name, social security number, contact information, etc.
  2. Number of the Form 1095-C transmitted with Form 1094-C
  3. ALE member information

Still simple, right?!?

IRS Penalties For Failing-To-File 1094 Forms

Providers that fail to comply with the filing requirements may be subject to penalties. The penalty for failure to file information returns is $250 for each missing return, with a maximum penalty of $3 million.

Note: Special rules apply for Form 1094-B that increase the total penalties if there is an intentional disregard of filing requirements.

Waivers are available for Form 1094-C when failure to report is due to a reasonable cause.

Upcoming ACA Deadlines

Form 1094 Deadlines for 2018 Tax Year

The easiest way to meet the upcoming March 4th deadline is quickly e-file using TaxBandits!  E-filing both Form 1095-B and 1095-C, along with transmittal Forms 1094-B and 1094-C, is extremely easy when you file with us.

Take a brief moment to create or log in to your free TaxBandits account to submit and process your ACA Forms while you still have time! We even offer convenient postal mailing so you can avoid an unnecessary trip to the post office.

 

Create My Free Account

Add a Comment

Your email address will not be published. Required fields are marked *