New Forms Required by ACA

Mar 6, 2020
Tax and Accounting

Understanding the Affordable Care Act Provision

Welcome to Life Designers, your trusted source for business and consumer services consulting and coaching. In the ever-changing landscape of the Affordable Care Act (ACA), it is crucial for businesses and individuals to stay informed about the new forms required by the Internal Revenue Service (IRS) to comply with this provision.

The Importance of Complying with ACA Regulations

The ACA has revolutionized the healthcare industry by making quality healthcare accessible to millions of Americans. As part of its regulatory framework, the IRS requires specific forms to be filed to ensure compliance with the ACA provisions. Failure to comply with these regulations can result in penalties and legal consequences.

The Role of Life Designers in ACA Compliance

At Life Designers, we understand the complex nature of the ACA and the challenges businesses and individuals face in navigating its requirements. Our team of experts provides comprehensive consulting and coaching services to help you understand and comply with the new forms required by the IRS.

Expert Guidance on New Forms

Our experienced consultants have in-depth knowledge of the ACA and stay up-to-date with the latest regulations and form requirements. We can guide you through the intricacies of the new forms, including Form 1094-C, Form 1095-C, and Form 1095-B, ensuring accurate completion and submission.

Form 1094-C

Form 1094-C is used by employers to report information about offers of health coverage and enrollment in employer-sponsored plans. It provides the IRS with data needed to administer the employer-shared responsibility provisions under the ACA. Our consultants will assist you in understanding this form, including its sections and codes, to ensure accurate reporting.

Form 1095-C

Form 1095-C is furnished to employees of applicable large employers as part of their obligation to report information about the health coverage offered to them. It helps individuals determine if they qualified for a premium tax credit. Our team will help you navigate this form and provide guidance on the information to be included, ensuring compliance with the ACA.

Form 1095-B

Form 1095-B is used by insurance providers, self-insured employers, and other applicable parties to report information about individuals who have essential health coverage as required by the ACA. Our consultants will assist you in understanding the requirements of Form 1095-B and guide you through the process of accurate completion and submission.

Stay Ahead with Life Designers

As the ACA continues to evolve, it's crucial to partner with a trusted consulting and coaching service that understands the complexities of the new forms required by the IRS. At Life Designers, we provide personalized guidance tailored to your unique needs, ensuring compliance and peace of mind.

Contact Us

Ready to navigate the new forms required by the ACA? Contact Life Designers today to schedule a consultation with our expert team. Together, we will ensure your compliance with the ACA provisions while maximizing the benefits for your business or personal situation.