Federal Tax, Tax

Reporting Health Insurance Coverage Information to the IRS

Health insurers, employers that sponsor self-insured health plans and other minimum essential coverage providers are required to report certain coverage information to the IRS. The tax agency uses it to determine employer shared responsibility penalties and eligibility for premium tax credits under the Affordable Care Act (ACA). The IRS has just released final forms and instructions for 2024 ACA-related reporting. They’re relatively unchanged from 2023, although new instructions update some penalties. Forms 1094-B and 1094-C should be filed by Feb. 28, 2025 (paper), or March 31, 2025 (electronically). For more details: https://bit.ly/3NkpDtq or contact the Cg Team .© 2024