By Gary Hunt, senior content editor
The Affordable Care Act’s been called many things, but “gold record” is probably a new one.
Joe Popp, JD, LLM, tax manager at Rea & Associates Inc., says it’s an apt description: just as music tracks on a popular album can gradually reach the top of the charts, different parts of the health care law have in turn become urgent priorities for businesses.
The latest hits topping the charts are forms 1094 and 1095. Like songs on an album, Popp said, “they have been there the whole time. They’re just being spotlighted by the media and other folks as we go along.”
In the latest episode of OSCPA Spotlight, Popp explained that employers must have form 1095s for calendar year 2015 to employees by the end of January. There are three types of 1095s:
1095a – issued by the health care marketplace
1095b – issued by health insurance companies
1095c – issued by large employers
Both forms were available last year, but they were optional, Popp said.
"As long as you file the forms and you make a good faith effort, most of the penalties won’t apply to you if you goof something up. So, there’s another kind of transitional year for employers this year for the 1095c forms.
Watch this episode now to learn more, including what Popp predicts will be the ACA’s next “hit”: excise tax penalties.