ICHRA tax reporting is brand new, and can be a bit scary! Here are a couple of the most common questions we've been getting about tax reporting for ICHRA. Please remember that while we're HRA experts, we are not CPAs or tax professionals, so we recommend running any questions by yours before making any big decisions or filing forms!
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, tax advisor, or preferred vendor if assistance is needed.
Q: How should my company (or vendor) use the data file (.csv) in my admin portal to complete the 1094/95 forms?
A: Here's a link to a comprehensive instruction guide on how to use the data file Take Command provides to assist you in completing the 1094/95-C forms for applicable large employers (ALEs) or 1094/95-B forms for non-ALEs.
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.
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.