Employer reporting requirements and penalties for non-compliance are still applicable. The IRS released instructions as well as 1094/1095-B and C Forms for the 2020 tax year. The updated Forms are provided in the links below.
Employers Subject to Reporting
Applicable large employers (ALEs) are required to report information about the health coverage they offered, or did not offer to employees for 2020. ALEs are generally entities that employed 50 or more full-time and full-time-equivalent (FTE) employees in 2019. To meet the reporting requirement, the ALE must furnish Form 1095-C to the employee, or former employee, and file copies, along with Form 1094-C (transmittal), with the IRS, (1094/1095C Instructions).
Regardless of size, employers who sponsored a self-funded health plan (including level-funded) that provided minimum essential coverage in 2020 are required to report coverage information about enrollees. To meet the reporting requirement, the employer must provide Form 1095-B to the primary enrollee and file copies, along with Form 1094-B (transmittal), with the IRS, (1094/1095B Instructions). Self-funded employers, who also are ALEs, may use Forms 1095-C and 1094-C in lieu of Forms 1095-B and 1094-B.
Due Dates
Submission to the IRS: Forms 1094-C, 1095-C, 1094-B, and 1095-B forms must be filed with the IRS by March 1, 2021 if filing on paper (or March 31 if filing electronically). Electronic filing is mandatory for entities required to file 250 or more Forms 1095.
Submission to employees: In IRS Notice 2020-76, the IRS extends the deadline for this year’s submission from January 31 to March 2 to furnish individual statements on 2020 coverage and full time employee status (Forms 1095-B and 1095-C).