Glossary

Form 1095-C – Employer-Provided Health Insurance Offer and Coverage

Form 1095-C details employer-provided health insurance. Employers must provide it to eligible full-time employees and file with the IRS. It shows employee coverage months and employer plan details. Non-compliance results in penalties ($50-$270 per form). Accurate filing is crucial for both employers and employees to avoid penalties and ensure correct tax reporting.

0:00 0:00

100

Form 1095-C: Comprehensive Guide to Employer-Provided Health Insurance Offer and Coverage

Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is a tax form that certain employers must provide to full-time employees who are eligible for health insurance benefits.

Key Features and Components

The form includes information about the employer, the employee, and details regarding the health coverage offered by the employer. It also indicates the months during the tax year when the employee and any dependents were covered under the employer’s plan.

Relevant Filing and Compliance Requirements

Employers subject to the Affordable Care Act’s employer mandate are required to furnish Form 1095-C to employees and file copies with the IRS. Failure to comply with these requirements can lead to penalties imposed by the IRS.

Penalties for Non-Compliance

Employers who fail to file accurate and timely Form 1095-C may face penalties ranging from $50-$270 per form, depending on the severity of the violation. These penalties can escalate quickly, underscoring the importance of proper compliance.

Importance in Tax Resolution and Financial Compliance

Form 1095-C plays a vital role in tax resolution as it helps ensure individuals accurately report their health coverage status on their tax returns. Compliance with this form is essential for both employers and employees to avoid potential penalties and maintain financial integrity.

Recommended for You

State Wildlife Conservation Credit

The State Wildlife Conservation Credit incentivizes taxpayers to contribute to wildlife conservation efforts by offering tax benefits.

Disabled Access Credit

The Disabled Access Credit offers tax incentives for small businesses making facilities accessible for individuals with disabilities. This promotes equality by reducing financial barriers.

Surplus Funds

Surplus funds refer to excess money collected by a government entity beyond the actual amount needed for a specific obligation or purpose.

Tax Lien Statutes

Tax Lien Statutes serve as legal provisions enabling tax authorities to claim a lien on a taxpayer's property for unpaid taxes. These statutes outline the procedures and obligations for both the government and taxpayers.

Tax Foreclosure Hearing Protocols

Tax Foreclosure Hearing Protocols guide the legal process through which governments foreclose on properties due to unpaid taxes. These protocols are essential for ensuring lawful procedure.

Tax Credit for Green Transportation Hubs

The Tax Credit for Green Transportation Hubs incentivizes eco-friendly upgrades by offering tax breaks to hubs promoting sustainable transport solutions.

CP299D Penalty for Incorrectly Claimed Health Savings Accounts

The CP299D notice informs taxpayers of penalties related to incorrectly claimed Health Savings Accounts, outlining the next steps to ensure compliance.

Rural Workforce Renewable Job Retention Credit

The Rural Workforce Renewable Job Retention Credit is a tax incentive designed to support job retention in rural areas, particularly within the renewable energy sector, fostering community growth and sustainability.

Tax Sale Deed Recording Procedures

Tax sale deed recording procedures involve the legal process of documenting the transfer of property ownership following a tax sale, ensuring compliance with local statutes.

Form 8863 – Education Credits (American Opportunity and Lifetime Learning Credits)

Form 8863 - Education Credits is crucial for claiming American Opportunity and Lifetime Learning Credits on your tax return.

IRS Collection Process

The IRS Collection Process is a series of actions taken by the IRS to collect overdue taxes from taxpayers. This process involves various steps aimed at ensuring compliance and payment of owed taxes.

Coastal Workforce Renewable Development Training Credit

The Coastal Workforce Renewable Development Training Credit is a specialized tax incentive aimed at promoting training and employment in renewable energy sectors along coastal regions.

Taxpayer Hardship Waiver Requests

Taxpayer Hardship Waiver Requests offer relief to taxpayers encountering severe financial difficulties, allowing them to request waivers for penalties or fees on overdue tax obligations.

Subscription Fees for Digital Libraries Deduction

The deduction for subscription fees to digital libraries offers taxpayers a potential financial benefit by allowing eligible educational and professional subscription costs to be deducted from taxable income.

Monthly Payment Plan Update Request

A Monthly Payment Plan Update Request involves modifications to an existing IRS payment agreement for tax liabilities. It ensures timely updates for accurate financial planning.

Letter 2270C: Installment Agreement Request Rejected

Letter 2270C is an official IRS notice informing you that your request for an installment agreement to pay your taxes has been rejected. Understanding this letter is crucial for addressing your tax debt.

Renewable Energy Access for Low-Income Communities Credit

The Renewable Energy Access for Low-Income Communities Credit offers tax benefits to promote renewable energy access in underserved areas. Discover its purpose, key components, and compliance requirements.

CP503U Reminder

The CP503U Reminder is an IRS notice alerting taxpayers of unpaid taxes. It urges prompt action to prevent additional penalties and resolve tax liabilities.

Business Delivery Services Deduction

The Business Delivery Services Deduction is a tax benefit for businesses to deduct costs related to delivery services used for their operations. It helps companies manage expenses and optimize their financial reporting.

CP16 Notice: Adjustments Made to Your Return and Overpayment Applied

A CP16 notice is sent by the IRS when they make changes to your tax return and apply any overpayment you had to another tax debt or past-due amount. Understanding this notice is crucial for ensuring your tax obligations are met.