If you’re dealing with the complications of Form 1095 and ACA reporting, you will quickly realize it’s not always straightforward for most businesses. From reviewing your employee coverage data, to fixing errors and managing multi-state reporting obligations, an experienced tax resolution attorney makes sure your business meets all the legal requirements.
With personalized advice and proactive solutions, a Phoenix Form 1095 lawyer helps protect your company, streamlines the whole reporting process, and gives you peace of mind throughout the year.
What Is a Form 1095?
Form 1095 is a crucial IRS document for employers to report information about health coverage under the Affordable Care Act (ACA). There are three main versions: 1095-A, issued by the Health Insurance Marketplace; 1095-B, issued by insurance providers to report minimum essential coverage; and 1095-C, issued by Applicable Large Employers (ALEs) to report the coverage offered to full-time employees.
The form includes the employee’s name, Social Security number, coverage periods, and the type of health insurance provided. Its purpose is to verify that individuals had qualifying health coverage during the year and to help determine eligibility for premium tax credits or penalties. Accurate reporting on Form 1095 is essential for Phoenix businesses, as errors can trigger IRS notices, audits, or potential penalties for employers and insurers.
Who Must File a Form 1095?
Filing requirements for Form 1095 depend on the type of coverage and the entity involved. Form 1095-A must be filed by the Health Insurance Marketplace for individuals who purchased coverage through it. Form 1095-B is filed by insurance providers or small self-funded employers to report minimum essential coverage.
Form 1095-C is required for ALEs with 50 or more full-time employees, reporting the health insurance offered to each full-time employee. These forms provide essential information for employees and the IRS to verify compliance with the Affordable Care Act. Accurate filing is critical to avoid penalties and ensure employees can properly complete their tax returns.
Challenges in Filing a Form 1095
There are numerous challenges involved in filing a Form 1095 with the IRS. It is essential that you avoid any mistakes because you do not want to risk an audit and potential penalties. The data that you present to the IRS must be accurately reported on your filing.
Then, businesses must prove that they have met the requirements of the Affordable Care Act in terms of affordability and minimum value standards, and all filings must be both timely and in the correct format. If there are any errors on your submission, you must correct them, or else your business may be subject to an audit.
Why You Need a Lawyer for Form 1095
A lawyer’s assistance in navigating Tax Form 1095 is essential for Phoenix employers to ensure accurate reporting of health coverage under the ACA. Form 1095 reports information about the health insurance offered to employees, and errors can lead to IRS penalties, audits, or delays in employee tax filings. We review your company’s data, verify employee eligibility, and ensures that coverage information is reported correctly. We also help navigate complex situations, such as employees with partial-year coverage, Aggregated ALE Groups, or multi-state operations. If errors are identified, a lawyer can advise on corrective actions to minimize penalties. By doing this, businesses can maintain compliance, avoid costly mistakes, and protect their financial and legal interests.
Contact a Phoenix Attorney for Help in Managing Tax Form 1095
Ensure your business stays compliant with ACA reporting requirements by working with a Tax Form 1095 lawyer in Phoenix. Our experienced attorneys guide employers through the complexities of Form 1095, as well as Form 1094, helping prevent costly errors and IRS penalties. From reviewing employee information to correcting mistakes and filing accurately, we provide personalized legal support to protect your business. Contact us now for greater peace of mind.
N/a
