Section 6055: Health Coverage Provider Reporting
Section 6055 requires that any entity who provides minimum essential coverage to an individual must report to the IRS and furnish statement 1095-B to individuals. This reporting covers health insurance issuers, carriers plan sponsors of self-insured group health plan coverage.
The purpose of the form is to verify on an individual’s tax return that they had coverage and if dependents have at least minimum qualifying health insurance coverage. If there is a lapse in coverage for the tax year, they may have to pay an individual shared responsibility payment, or tax penalty. It is important to get these forms filed accurately and in a timely fashion. That’s where TSC1099 comes in handy.
What does the system do?
If you are a labor union or policy issuer TSC1099 provides your organization with a simple yet powerful tool for managing this annual process without any investment into software or IT resources. With the introduction of the Affordable Care Act and IRS Code Section 6055 a whole new set of reporting and compliance duties became mandatory for insurance issuers that provide health insurance coverage. The reporting requirements are among the more complex in tax code and can be overwhelming even for a well-organized company. Our system and service team is here to make the process of reporting a less stressful time of year.
Call today and speak to an ACA account representative to discuss your 2016 reporting obligations!
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