ACA and other 2015 Tax Season Forms are Here!

All 2015 tax forms are now available in Tax1099.com. This year, we've added 1095 forms. Read on for some important information about the 1095 ACA forms.

ACA Reporting Starts This Year
Here are the three 1095 forms:
  • 1095-A – for health exchange marketplaces
  • 1095-B – for insurers, including self-insured companies
  • 1095-C – for Applicable Large Employers (ALE's – 50 or more full-time equivalent employees)
This 2015 tax season, we have added forms 1095-B and 1095-C to our collection. As with our other forms, we will e-file the 1095-B and 1095-C to the IRS. When you e-file these forms, you don't need to complete the 1094 transmittal forms.

We project that most of our users will need to submit the 1095-C forms. The 1095-C includes detailed information about the monthly coverage offered to the employee. You may need to complete section III of the 1095-C if your company self-insures. Companies with 50 or more FTE's may also be responsible for completing this section. 

Not sure how many FTE's (Full-time Employees) you have? We built a calculator to help you determine the number on our ACA page.

The ACA forms may require interdepartmental work. For example, payroll might calculate hours worked. Human resources might track the dependent's information. On the other hand, you may have a small business. You might handle all healthcare related items. Whatever the case may be, we want to give you time to prepare. That's why we've released forms early this year.

The Rest of the 2015 Forms

While the ACA forms get the headline, the rest of the forms are important, too! Be on the lookout for changes in 1099 forms, W-2's, and 1042-S. Here's what you can expect:

1099's:

  • Changes to foreign financial institutions (FFI's) forms. Certain FFI's can no file a 1099-MISC, 1099-DIV, 1099-INT, 1099-R, or 1099-OID instead of form 8966
  • Changes to medicaid payment waiver reporting on form 1099-MISC
  • New mandatory reporting for card-not-present transactions
  • New box for bong premium on tax-exempt bond reporting on form 1099-INT
  • New coding in Box 1F on form 1099-B

W-2's:

  • Changes to medicaid payment waiver reporting
  • New federal tax withholding regulations for virtual currency such as Bitcoin
  • Replacement of Third-Party Sick Pay Recap Form W-2 with Form 8922, Third-Party Sick Pay Recap
  • Beginning in January, the SSA will reject W-2 forms under these circumstances:
    • Medicare wages and tips are less than the sum of social security wages and social security tips,
    • Social security tax is greater than zero; social security wages and social security tips are equal to zero, and
    • Medicare tax is greater than zero; Medicare wages and tips are equal to zero.
    • For household employers, where the sum of social security wages and social security tips is less than the minimum yearly earnings subject to social security and Medicare tax withholding for a household employee, and
    • For household employers, where the Medicare wages and tips are less than the minimum yearly earnings subject to social security and Medicare tax withholding for a household employee

1042-S:

  • Changes to reporting done by withholding agents on behalf of other withholding agents
  • New 1042-S requirements for withholding agents reporting on substitute forms
  • For amounts paid on or after January 1, 2016, US financial institutions must report payments of the same type of income (based on the Income code in box 1) made to multiple financial accounts held by the same beneficial owner on separate forms 1042-S for each account.
Ready for 2015 Tax Season? The forms are ready for you in Tax1099.com.

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