Dealing with IRS reporting requirements can be overwhelming for employers. If you are looking for a Tax Form 1094 lawyer in Phoenix, you are taking a smart step toward making sure your filings are accurate and you’re staying compliant with the Affordable Care Act (ACA).
An experienced tax resolution attorney can help you review employer and employee information, and spot potential errors before they become problems. They will also give you solid strategies for fixing mistakes and keeping your documentation in order. With a skilled lawyer working at your side, you can confidently meet your reporting obligations and steer clear of the legal or financial headaches that often come with Form 1094 filings.
What Is the Form 1094?
The Affordable Care Act requires employers of a certain size to provide health care coverage for their employees. As a business owner, you must prove to the IRS that you are complying with the legal requirements through annual reports.
The bulk of what you report to the IRS is through Form 1095. However, you must also include additional information on Form 1094, which summarizes what you are reporting. The two forms together are reviewed by the IRS as evidence of your business’s compliance with the ACA.
What Information Is on Form 1094?
Form 1094, also known as the Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, is filed by employers to accompany Form 1095 when reporting health coverage information to the IRS. It is a summary of all the 1095 forms submitted and includes key details such as the employer’s name, address, and Employer Identification Number (EIN).
The form also reports the total number of full-time employees, the number of 1095 forms filed, and information about the employer’s compliance with the ACA’s coverage requirements. Additionally, Form 1094 identifies whether the employer is part of an Aggregated ALE (Applicable Large Employer) Group. This information allows the IRS to verify that employers are offering adequate health coverage and meeting ACA reporting obligations. Businesses in Phoenix may want to find a lawyer to assist in filling out Tax Form 1094.
What if There Are Errors on Form 1094?
Errors on Form 1094 can have serious consequences for employers. Inaccurate or incomplete information may trigger IRS notices, audits, or penalties. Common errors include incorrect EINs, mismatched employee counts, or failing to properly indicate coverage offered. These mistakes can result in financial penalties, which can range from hundreds to thousands of dollars per incorrect or missing form.
Additionally, errors may create delays in processing employee Forms 1095, potentially causing confusion or disputes over reported coverage. Employers may also face reputational risks if errors suggest noncompliance. Working with experienced tax professionals helps ensure accurate filing and compliance with ACA regulations.
How a Lawyer Can Help with Form 1094
A Phoenix lawyer experienced in tax and employment law can help ensure that Form 1094 is completed accurately and filed correctly with the IRS. They review employer information, verify employee counts, and confirm compliance with ACA reporting requirements. Lawyers can identify potential errors or inconsistencies that could trigger penalties or audits and advise on corrective actions if mistakes occur.
Additionally, they guide employers through complex situations, such as Aggregated ALE Groups or special coverage scenarios, and help maintain proper documentation. By working with a lawyer, employers reduce the risk of fines, ensure regulatory compliance, and gain peace of mind during the reporting process.
Contact a Phoenix Attorney to Address Issues With Tax Form 1094
Given the potential penalties involved for the failure to properly file the form concerning your employer-provided health insurance coverage, it is essential that you get legal help from an experienced lawyer today. Speak to a Tax Form 1094 lawyer in Phoenix right now to learn how we can assist you. It is important that you remain in compliance with the IRS.
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