ICHRA tax reporting is brand new, and can be a bit scary! Here's a couple of the most common questions we've been getting about tax reporting for ICHRA. Please remember that while we're insurance experts, we are not CPAs or tax professionals, so we definitely recommend running any questions by yours before making any big decisions or filing forms!
Q: Do I need to fill out Part 3 on a 1095-B form?
A: No, you don't. If any employees had coverage, they'll receive that information directly from their insurance carrier. Just make sure to fill out Part 2 with your company's information!
Q: If I'm not an ALE and an employee decided to waive coverage/not participate in the ICHRA, do I need to file a 1095-B for them?
A: No, we do not believe you should need to file a 1095-B for those employees. This is based on our interpretation of the guidelines though, so please check with your CPA as well.
Q: Will Take Command complete and file these forms for me?
A: No. Take Command is not licensed to help our clients with completing, filing or distributing the 1094 / 1095 forms. We recommend working with your payroll provider or tax advisors if assistance is needed.
Q: Are there any specific vendors that Take Command recommends to help with 1094 / 1095 form completion and filing?
A: Yes - we recommend ETC. The company is very knowledgeable on ACA reporting requirements and can help. Here's a link to their website.