Or, more accurately, many of them which will be used in implementing the new law were announced recently in draft form. And as it develops, there are quite a few. Here’s a sampling:
Form 1094-B the form for Transmittal of Health Coverage Information Returns
Form 1094-C the form for Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
Form 1095-A a form for the Health Insurance Marketplace Statement
Form 1095-B the Health Coverage Form
Form 1095-C a form for Employer-Provided Health Insurance Offer and Coverage
OK, enough already! This is a few of several forms which were issued along with several “Revenue Procedures” (an IRS official method of telling us how to properly do something to their liking) related to the Affordable Health Care Act.
Among these is Revenue Procedure 2014-37, which “provides the methodology to determine the applicable percentage table in Section 36(b)(3)(A) of the Internal Revenue Code used to calculate an individual’s premium assistance credit amount for taxable years beginning after calendar year 2014. It also provides the methodology to determine the required contribution percentage in Section 36(c)(2)(C)(i)(II) used to determine whether an individual is eligible for affordable employer-sponsored minimum essential coverage for purposes of Section 36B for plan years beginning after calendar year 2014. In addition, Revenue Procedure 2014-37 reproduces the required contribution percentage, as determined under guidance issued by the Department of Health and Human Services, used to determine whether an individual is eligible for an exemption from the individual shared responsibility payment because of a lack of affordable minimum essential coverage under Section 5000A(1)(A) for plan years beginning after calendar year 2014. [i]
As you can see, or if you’ve been keeping up, already knew, we have a few more forms in our future.
Not to scare you, but we will be bringing you more fascinating news about the Affordable Care Act and its implications for you.
[i] Analysis from Jon A. Hayes, Executive Director, Independent Accountants Association of Michigan.