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Irs Code 6056 Analysis

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IRS Code 6056 Employer Reporting Requirements
The Affordable Care Act (ACA) requires specific employers to report certain information to the IRS and the Department of the Treasury. If applicable, IRS Code 6056 requires employers that sponsor group health plans to report health care insurance coverage information. Keep reading to learn the nuances, conditions and requirements of this important law.
A Succinct Summary of IRS Code 6056
IRS Code 6056 requires qualifying companies to report to the IRS health insurance coverage information that helps to establish and verify compliance with the employer shared responsibility provisions under the ACA. These provisions mandate that ALEs may be penalized if they fail to offer Minimum Essential Coverage (MEC) to full-time employees and their eligible dependents through an employer-sponsored plan. IRS Code 6056 is invoked even if at just one full-time employee enrolls in a health plan through the public marketplace that allows or pays premium tax credits. Note that ALEs with no full-time employees are not required to file a report.
Who is Covered by IRS Code 6056? …show more content…
Full-time employees work at least 30 hours per week. Full-time equivalents (FTE) are part-time and seasonal employees whose hours are collectively averaged together. If the ALE encompasses a parent corporation and several wholly owned subsidiaries, then they are treated like a single organization. When the combined total of full-time employees meets the 50-people threshold, each subsidiary is subject to the employer shared responsibility provisions of IRS Code

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