Glossary

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

Form 1095-C details employer-provided health insurance, crucial for tax purposes. Employers provide it to employees and the IRS, showing offered coverage and ACA compliance. Accurate filing avoids IRS penalties. It’s essential for verifying coverage during tax season, ensuring both individual and employer compliance with the Affordable Care Act.

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

Form 1095-C is a tax document provided by employers to employees detailing the health insurance coverage offered and provided. Its primary purpose is to report information related to employer-provided health coverage to the IRS and employees.

Key Features

Key components of Form 1095-C include details about the employer, coverage offered, and employee enrollment status. It also indicates whether the employer met the Affordable Care Act (ACA) requirements for providing affordable, minimum essential coverage to full-time employees.

Filing and Compliance

Employers subject to the ACA’s employer mandate must furnish Form 1095-C to full-time employees and file copies with the IRS. Employees use this form to verify their healthcare coverage when filing taxes.

Penalties

Failure to comply with ACA reporting requirements, including providing Form 1095-C to employees or filing with the IRS, can result in significant penalties. Non-compliance may lead to fines imposed by the IRS for each return or statement that is not filed correctly or on time.

Importance in Tax Resolution

Form 1095-C plays a crucial role in tax resolution by ensuring that individuals have proof of their health insurance coverage, which is necessary for tax filing. It also helps the IRS validate whether employers are meeting their healthcare obligations under the ACA, contributing to overall financial compliance.

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