FAQs Released on Affordable Care Act Annual Reporting Requirements Under Sections 6055 and 6056
Author: Gloria Ju
An employer must start preparing now to fulfill the Affordable Care Act's annual information-reporting requirements when they come due in early 2016. The reporting requirements are codified in Internal Revenue Code Section 6055 and Section 6056. New FAQs specific to Section 6055 and Section 6056 were released last month. The following FAQs applicable to both Sections 6055 and 6056 have now been added to the Health Care Reform Resource Center:
- Is an employer required to file Section 6055 or Section 6056 information returns electronically?
- What steps should an employer take in order to electronically file Section 6055 or Section 6056 information returns?
- In what format must Sections 6055 and 6056 information returns be filed electronically?
- When do the information-reporting requirements under Sections 6055 and 6056 go into effect?
- What penalties apply if an employer fails to timely file required information under Sections 6055 and 6056?
- May an employer combine reporting for Sections 6055 and 6056?
- How is an offer of COBRA continuation coverage reported under Sections 6055 and 6056?
