Self-insured employers, applicable large employers, and health coverage providers must electronically file their Forms 1094-B and 1095-B by June 30, 2016. Paper returns were due May 31, 2016.
The IRS' Taxpayer Advocate Service recently released a web-based estimator to help employers understand how the Employer Shared Responsibility Provision (ESRP) of the Affordable Care Act will affect their taxes. Employers can use the tool to determine how many full-time or full-time-equivalent employees they have, whether they are an applicable large employer (ALE), and estimate their potential shared responsibility payment liability if they fail to offer healthcare coverage to full-time employees. To learn more, click here.
On Tuesday, July 15, 2015, National Taxpayer Advocate Nina E. Olson released her mid-year report to Congress. The report identifies the priority issues the Tax Payer Advocate Service ("TAS") will address during the upcoming fiscal year. In addition to recapping the 2015 filing season, the report discusses the IRS's long-term strategic planning, tax-related identity theft, and the administration of the Patient Protection and Affordable Care Act. Nine other areas of focus are included in the report, including the TAS's efforts to improve its advocacy for and service to taxpayers, pending TAS research initiatives, and an update on the TAS's efforts to implement an integrated technology system. Volume 2 of the report contains the IRS's responses to the administrative recommendations the National Taxpayer Advocate made in her 2014 Annual Report to Congress, along with additional TAS comments.
The Affordable Care Act ("the Act," commonly referred to as "Obamacare") contains currently implemented tax provisions, as well as other that will be implemented during the next several years. According to the Internal Revenue Service, the following are some examples of the Act's tax provisions: