Sections 6055 and 6056 Reporting Requirements Toolkit
Created by our Compliance experts, this valuable toolkit for IRS Sections 6055 & 6056 reporting requirements will help reporting employers comply with the requirements & avoid penalties.
Two pillars of the Patient Protection and Affordable Care Act (“PPACA”) are the individual mandate and the employer mandate. Central to the ability of the government to administer both mandates is the gathering of information.
With regards to the individual mandate, IRS Code Section 6055 enacted by PPACA requires employers providing minimum essential coverage to report certain information to the IRS about the coverage provided and who it is provided to. With regards to the employer mandate, IRS Code Section 6056 enacted by PPACA requires applicable large employers to report information regarding the coverage offered to their employees. Both Sections 6055 and 6056 also require statements to be furnished to the individuals that are mentioned in the reports to the IRS. Although the penalty for the individual mandate was reduced to $0 on January 1, 2019, employers are still required to report to the IRS and provide statements to employees.
Compliance experts at Gallagher have created this valuable toolkit filled with practical and useful information to help you comply with these important requirements.