ACA Forms Important dates

Insurance companies, self-insured companies, and businesses need to file an information report with the IRS and the responsible individual who is the beneficiary of the health coverage, in accordance with the Affordable Care Act.

Type of ACA Forms

• 1095-C/1094-C
• 1095-B/1094-B

Form 1095-C/1094-C

Form 1095-C: Employer-Provided Health Insurance Offer and Coverage is the information return used by the employer(Applicable Large Employer) to report their employee's health coverage details to the respective employees and IRS as a part of the Affordable Care Act. Form 1094-C is the cover sheet of form 1095-C which should be filed with the 1095-C. Learn more about form 1095-C/1094-C instructions.

Form 1095-B/1094-B

Form 1095-B: Health Coverage is the report submitted by insurance agencies, employers providing insurance coverage to employees who don’t work full time, and Government Agencies providing Health Coverage to individuals. This report needs to be submitted to the IRS and the responsible individuals who are the beneficiaries of the health coverage. Form 1094-B needs to be filed along with the Form 1095-B as a transmittal form. Learn more about the form 1095-B/1094-B instructions.

Due date to file ACA forms

Filing ACA forms before the due date is important for Health coverage providers to avoid penalties and an unwanted financial burden. Form 1095-C/1094-C and form 1095-B/1094-B have the same deadline for the Tax Year 2024.

Penalties for Late filing and improper filing

• If an employer does not file ACA by the deadline, the IRS will impose a penalty for failing to file accurate information returns and furnish correct payee statements on time. The penalty begins at $330 per return, with a maximum limit of $3,987,000 per year.
• If the requirement to file the returns and furnish recipient statements is intentionally ignored, the penalty per return increases to $660, with no annual maximum limitation.
• If you are required to file electronically but fail to do so, and you don't have an approved waiver, you may be subject to a penalty of up to $330 per return unless you establish reasonable cause.

Choose TaxZerone for smooth filing for the ACA form

Step 1: Log in to TaxZerone

Step 2: Choose the ACA form that needs to be filed

Step 3: Enter the information required in the ACA form

Step 4: Transmit the return to IRS and send Recipient copies through Electronic Delivery (ZeroneVault) or Traditional postal mailing using TaxZerone.