Applicable large employers (ALEs)—those with 50 or more full-time and full-time equivalent employees must send employees an annual information return (Form 1095-C) reporting their health coverage for the year. Employers of any size with self-insured plans (e.g., reimbursement arrangements) must send Form 1095-B. Copies of both forms must also be sent to the IRS. Only 1.4% of workers need the 1095-C to complete their federal income tax return. A bi-partisan bill—the Paperwork Burden Reduction Act (H.R. 3797)—would end the requirement to send this form. #IdeaoftheDay
Barbara Weltman
Big Ideas for Small Business, Inc.
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BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.