OMA Connections Partner, RSM, reminds us: “Employers with at least 50 full-time or full-time equivalent employees are required to provide a new Form 1095-C for 2015 to each employee by March 31, 2016. The form contains information about the employee’s enrollment in the employer’s health plan. If the employer’s health plan is self-insured, the form also reports coverage information for the employee’s spouse and dependents. The form may be furnished to employees by hand delivery, first-class mail or electronic delivery. If an employer wishes to use the electronic-delivery method, it must first obtain affirmative consent from the employee.
“Employees use the information on the forms as supporting documentation when completing their individual income tax returns. However, the IRS has indicated that individuals may file their 2015 income tax returns prior to receiving Form 1095-C.
“Employers are also required to submit Forms 1095-C to the IRS by May 31, 2016 (if filed on paper) or by June 30, 2016 (if filed electronically). Employers face penalties of up to $500 per employee for failing to furnish the form to its employees and the IRS.”