Is there any ACA changes made for the 2023 Reporting Requirements?
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Last modified 1/25/2023 4:59:13 AM EST |
Added by TaxBandits Team
Every year, the IRS has been making certain changes in ACA Reporting. For the 2022 tax year, the IRS released the final version of 2023 IRS Forms 1095-C and 1095- B in the month of July. According to the final version, there are no changes in ACA reporting for the 2022 tax year.
Last year, the IRS added two new codes (1T - 1U) in Line 14 to report the method they used to determine the affordability of ICHRA Coverage.
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This code applies to an Individual coverage HRA offered to the employee and his or her spouse (no dependents), with affordability based on the employee's residence ZIP code |
| Code 1U | This code applies to an Individual coverage HRA offered to an employee and his or her spouse (no dependents) with affordability based on the employee’s primary employment site ZIP code. |
To know more about the New ACA Codes for reporting ICHRA, click here.
However, it is important to remember that failure to comply with the ACA reporting requirements will result in a penalty from the IRS, which can be incredibly stressful. But don’t worry, TaxBandits is here to help you. We are an IRS-authorized solution provider who takes care of your complete ACA reporting before the due date. It includes e-filing ACA forms with the IRS and State, as well as employee copy distribution on your behalf.
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