Landmark hosts IRS Code Section 6056 Seminar

July 31st, 2015 by Thomas Harte

In January 2015, the IRS published finalized regulations implementing two new information reporting requirements under ACA that are first due in 2016 (containing information for the 2015 calendar year). These requirements are often referred to as Section 6055 and Section 6056 reporting. With the first reporting deadline due in three months, both the Section 6055 and 6056 reporting require detailed information and employers should begin planning how to capture and report this information. This seminar will provide a comprehensive discussion of the reporting requirements and applicable forms.

The Section 6056 reporting obtains information about the group health plan coverage offered to an employer’s full-time employees. This reporting helps determine an employer’s pay or play penalty liability and an individual’s eligibility for premium tax credits. Eligibility for minimum essential health coverage will disqualify an individual from eligibility for premium tax credits.