Section 6055 Reporting for Health Providers
Section 6055 requires that any entity that provides minimum essential health care coverage to an individual must report to the IRS and furnish statement 1095-B to individuals. This reporting covers health insurance issuers, carriers and plan sponsors of self-insured group health plan coverage.
The purpose of IRS 6055 reporting is to verify on individuals’ tax returns that they had coverage and that dependents had at least minimum qualifying health insurance coverage for the designated tax year. While the federal tax penalty for not having health insurance was eliminated in 2019, a handful of states assess penalties for residents who don’t have insurance that complies with the state’s laws. Filing these forms accurately and in a timely manner is vital. That’s where TSC1099 comes in handy.