Savoy Guide – IRS Releases Final 2020 Forms 1094 and 1095 for 2021 Filing
The Internal Revenue Service has released the final Forms 1094 and 1095 for calendar year 2020 reporting to be submitted in 2021.
Published: 10.20.2020
WHAT: The Internal Revenue Service (IRS) has released the final Forms 1094 and 1095 for calendar year 2020 reporting to be submitted in 2021.WHO: Applicable Large Employers (ALEs)—those with 50 or more full-time employees, including Full-time Equivalents (FTEs), determined by using the preceding calendar year and including all affiliated companies—file using the C forms. Self-funded small employers are also subject to the provision and file using the B forms.
WHY: Applicable employers are to report information to the IRS and to their full-time employees about their compliance with the employer shared responsibility provisions ("play or pay") and the health care coverage they have (or have not) offered in a calendar year.
WHEN: ALEs must furnish a Form 1095-C to each of their full-time employees by the extended deadline of March 2, 2021. Forms 1094-C and 1095-C are also required to be filed with the IRS by February 28, 2021 (or March 31, 2021, if filing electronically). Filers of B forms follow the same timeframe.
Please be advised that Forms 1095-B and 1095-C must be electronically filed if the reporting entity is required to file at least 250 of the specific form.
HOW: The forms are included in the links below: The Instructions for Forms 1094-C and 1095-C have been released and can be accessed via the link below: ALE members have access to information, including examples about reporting offers of COBRA coverage.
Click HERE to visit the ALE information center.
For more information, contact your Savoy Sales Team.
