1095-C and 1094-C

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Steve Hunt

Nov 3, 2015, 4:45:33 PM11/3/15
to (ptug@ptug.org)
Re: 1095-C - what's your plan???

I am very curious what PTUG companies are doing in regard to filing 1095-C's for 2015? I have just recently learned that this form is required for 2015, and we are hustling to try to be prepared. Because we are union employers, the necessary information to include in the form for these employees is derived from the unions. We are at the mercy of each local to provide us the information in a timely manner, so that the 1095-C can be prepared and distributed to each employee. This seems like a potential disaster.

Penalty for late filing or incorrectly filling out the 1095-C form is $250 per form. Further, if you provide affordable, minimal essential coverage, but that information is not correctly submitted via 1095-C and 1094-C, the employer is subject to a $2,000 fine for the employee if he/she applies for health insurance from the marketplace.

Most employees who receive a W-2 also must receive a 1095-C form by 01/31/16. Employers with more than 50 FTEs (full-time employees) must submit form 1094-C (the summary of 1095-Cs) electronically. The electronic format must be approved by the IRS before it can be submitted.

Does Profitool provide any help with submitting this form electronically? I would be very interested in any information shared.



~ For Weddle, we likely will ask BKD (our auditors) for assistance, at least for this first year. At a conference I attended last week, the speaker informed us that many companies who can provide help with 1095-C filing have already reached capacity and aren't able to take any more customers. So, the time for planning is now.
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