Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Regulation and Compliance > Federal Regulation > IRS

IRS posts new PPACA tax form drafts

Your article was successfully shared with the contacts you provided.

The Internal Revenue Service (IRS) is still trying to improve the new Patient Protection and Affordable Care Act (PPACA) tax forms.

The agency posted several new PPACA tax form draft revisions Wednesday, including a new version of Form 1095-C, Employer Provided Health Insurance Offer and Coverage; Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Return; and Form 1095-A, Health Insurance Marketplace Statement.

Insurers, PPACA exchanges and exchange users need the forms to keep the PPACA premium tax subsidy and the PPACA cost-sharing reduction subsidy programs going.

The IRS published earlier drafts of the forms this summer. The IRS usually posts just one draft of each form, and its publication draft website tends not to get much attention from anyone other than tax accountants and tax lawyers.

This year, the complicated PPACA tax form and tax form instruction are attracting the eyes of representatives from trade groups, employers and others who are trying to understand how PPACA programs will really work.

It was not immediately clear how the new form drafts differ from the old drafts. The new versions appear to follow the same format and still require users to understand complicated terms and concepts, such as “applicable large employer.”

See also: For tax preparers, PPACA may bring a paperwork feast.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.