IRS Releases Final Forms 1095-B and 1095-C for 2023 ACA Reporting
The IRS Issued a Final Version of 2023 ACA Forms 1095-C and 1095-B
Updated on January 28, 2024 - 10:30 AM by Admin, TaxBandits
The IRS updates the ACA forms involved in ACA reporting and releases their revised versions annually. Following that, the IRS has published final Forms 1095-B and 1095-C for 2023 Tax Year ACA reporting.
This article discusses whether there are any updates made on the forms from last year.
In this article, we cover the following topics:
1. Are there any further changes made this time in ACA reporting for 2023 Tax Year?
Actually, No! The final versions of 1095-B and 1095-C released by the IRS don't reflect any notable changes from the existing version. There is no addition or updates made to the existing set of 1095 codes.
So, the businesses who completed ACA 1095 reporting last year can find it easier this time, since there is no significant difference between both versions of the forms. However, there is one thing to be aware of. These final forms of 1095-B and 1095-C are just the initial version of the forms. They are subject to change as the IRS may still update the ACA forms in case of any sudden requirements.
ICHRA Affordability:
The IRS has adjusted the ACA affordability percentage for the 2023 tax year as 9.12%, based on the federal poverty line percentage.
Penalties:
Under Section 4980H(a) - the penalty rate is $2,880 for the tax year 2023
Under Section 4980H(b) - the penalty rate is $4,320 for the tax year 2023
2. When is the deadline for 2023 Tax Year ACA Reporting?
The deadline to complete ACA reporting for the tax year has been standard over the years, and most probably, it will remain the same this year too. Here are the usual ACA deadlines established by the IRS.
| Employee copy distribution | March 01, 2024 |
| Paper filing deadline | February 28, 2024 |
| E-filing deadline | April 1, 2024 |
Form 1095-B/1095-C - A Small Recap
In case you have any questions regarding the purpose of Forms 1095-B and 1095-C, here is a small recap.
As per the Affordable Care Act(ACA), Form 1095-B or 1095-C is used to report all the information to the IRS regarding the health insurance coverage offered to individuals.
Form 1095-B is filed by
- Health coverage providers who provide minimum essential coverage to the individuals.
- The Government employers who sponsor self-insured health coverage to non-employees.
Click here to know more about Form 1095-B.
Form 1095-C is filed by
- ApplicableLarge Employers(ALE) , i.e., the employers with 50 or more full-time employees.
Click here to know more about Form 1095-C.
3. E-File your Form 1095-B or 1095-C with TaxBandits
TaxBandits, the IRS-authorized e-filing solution provider can be the best option to e-file your Form 1095-C or 1095-B. With our Internal Audit Checks, you can eliminate all the basic errors in the form during the filing process, saving a lot of time for you.
Our 1095 Excel Templates simplify your filing process! Moreover, we let you provide Online Access to your recipients. Also, we offer Postal Mailing for your 1095 recipient copies.
How to E-file 1095-B or 1095-C with TaxBandits?
- Create your TaxBandits Account
- Select “Start New Form”
- Choose "Form 1095-B" or “Form 1095-C” and enter the details.
- Review, Pay and Transmit to the IRS
You can track the return status in real-time when you file with our software. You can also include employee copy distribution if needed.
Ready to file your ACA form? Get Started with TaxBandits and ease the filing process.
