New FAQs Added on Section 6056 Annual Reporting Requirements Under Affordable Care Act
Author: Gloria Ju
The Affordable Care Act created two annual information-reporting requirements under Internal Revenue Code Section 6055 and Section 6056. Under Section 6056, an employer must report on the health care coverage offered to full-time employees. The information must be reported to the Internal Revenue Service and to certain individuals.
The first reports are due in the first quarter of 2016, but employers need to start preparing now. To help employers ensure they meet the Section 6056 deadlines, the following FAQs have been added to previously released Section 6056 FAQs in the Health Care Reform Resource Center:
- Do the reporting requirements under Section 6056 apply to nonprofit and government employers?
- Are there alternative methods of reporting available to employers under Section 6056?
- Is an employer required to provide the Section 6056 employee statements electronically?
- Do Section 6056 reporting requirements apply to full-time employees who are not offered coverage?
- May an employer hire a third-party administrator to handle Section 6056 reporting requirements?
New FAQs on Section 6055 reporting requirements were released earlier this month. FAQs applicable to both Sections 6055 and 6056 will be released shortly.