NRECA to Provide Data Support for 2015 Tax Year ACA Tax Reporting Requirements
In the recent Affordable Care Act (ACA) update webinar, NRECA shared its plans to help cooperatives with the data they will need to comply with the 6055 and 6056 ACA tax reporting requirements for the 2015 tax year. Depending on the circumstances, form 1094 or 1095 will need to be completed and provided to the IRS beginning in 2016 for the 2015 tax year. The co-op must file the information on or before February 29, 2016 (or March 31, 2016, if it’s filed electronically). Co-ops must also provide a statement to each covered individual on or before January 31, 2016.
Data provided
While co-ops most likely have the most accurate data to complete these forms, NRECA will be sharing the following information from its system with co-ops:
- Covered individuals (primary participant and dependents)
- Social Security numbers
- Dates of birth
- Months covered under the NRECA medical plan
Note: You will need to verify the information as some of the information may have changed since NRECA’s records were last updated.
Timing of reports
A preliminary report will be provided to co-ops in September 2015. This should give co-ops plenty of time to compare the report against their records and fill any data gaps (e.g., missing Social Security numbers). The final report will be provided to co-ops in early January 2016 once enrollment records for 2015 are finalized. While co-ops may request enrollment data anytime, it may be more efficient to wait for these reports to be issued.
We will be providing more information on ACA tax reporting requirements throughout the year in webinars and others materials. If you have questions, contact Jon Anderson at 703.907.6072 or jon.anderson@nreca.coop.