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AFFORDABLE CARE ACT: FORM 1095 REPORTING FAQs

There have been a lot of questions lately surrounding the 1095 reporting requirements for the 2016 reporting period. Below are some bullet points from frequently asked questions:

You still have to follow the 1095 reporting requirements even though President Trump was elected and has taken office.
Employers with 50 or more full-time employees (large employers), MUST complete a Form 1095-C for EVERY full-time employee that was employed during the year. If they were full-time, and either started, or were terminated during the year, they will still be required to receive a 1095-C.
Large employers using a fully insured type of plan ( Blue Cross, HAP, etc.) will only complete Part I and Part II on form 1095-C.
Large employers that are also self-insured for health care will complete ALL parts - Part I, Part II, and Part III.
If health insurance is through a fully insured type of plan (Blue Cross, Humana, etc.) the insurance company will be providing and sending the covered employees Form 1095 - B which tells the government whether or not you maintained health care coverage for the year.
Individuals who purchased their health insurance on the Marketplace Exchange, will receive a Form 1095-A.
The due date for sending Forms 1095-B and 1095-C to employees is March 2, 2017 (extended from Jan. 31 by IRS Notice 2016-70)
The due dates for Forms 1095 and Form 1094 (Transmittal) mailed to the IRS were NOT extended and are due to the IRS by Feb. 28, 2017 if paper filing, March 31, 2017 if filing electronically.
Penalty relief was also extended under IRS 2016-70 for "good-faith efforts".
As was the case last year, individuals may still proceed with filing their Individual 1040s even though they may have not yet received a Form 1095 from their employer or insurer.

EVENTS CALENDAR

2/7 AUTOMOTIVE UPDATE
Save the date for the 2017 Automotive Update on Tuesday, February 7 from 7:30-10AM at UHY's training center in Sterling Heights. Discussions include legislative update, automotive outlook and M&A. This complimentary seminar is brought to you by Michigan Manufacturers Association (MMA), Sterling Heights Regional Chamber of Commerce (SHRCCI), UHY LLP and LMC Automotive. Click here to register.

2/16 UHY CARES TENTH ANNUAL D.M.G.C. TEXAS HOLD 'EM TOURNAMENT
We hope you can once again join us for a fun night of cards and networking for a great cause! This year's charity poker tournament will be held on Thursday, February 16 at The Iroquois Club. Registration is at 6. Game starts promptly at 7. $100 buy-in and $50 re-buy. Contact Jessica Labut to save your spot! Cash, check or credit card contributions accepted in advance or at the door. Sponsorship opportunities available. UHY Cares in cooperation with UHY LLP, the D.M.G.C. and the McCarty family hope to see you there!

3/9 UHY LLP Nonprofit Cybersecurity Workshop
The "human firewall" is now more important than ever for effective cybersecurity. Technology is no longer enough. Phishing, vishing and email compromise are billion dollar threats to businesses of all sizes. Learn how to strengthen your organization's human firewall and why cybersecurity is important for nonprofits at the UofM Detroit Center on Thursday, March 19 from 8:30-10:30AM. Two hours of A&A CPE (qualifies for Yellow Book credit) is available. Pre-registration for this complimentary breakfast program is required. To RSVP contact Jessica Labut.

Our firm provides the information in this newsletter as tax information and general business or economic information or analysis for educational purposes, and none of the information contained herein is intended to serve as a solicitation of any service or product. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

UHY Advisors, Inc. provides tax and business consulting services through wholly owned subsidiary entities that operate under the name of "UHY Advisors." UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms. UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc. and its subsidiary entities. UHY Advisors, Inc. and UHY LLP are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. "UHY" is the brand name for the UHY international network. Any services described herein are provided by UHY Advisors and/or UHY LLP (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.