How to Complete and File Form 1094-B

The Internal Revenue Service (IRS) keeps track of all people with Minimum Essential Coverage (MEC) as a requirement by the Affordable Care Act. Normally, the insurer of the health coverage sends this information to the IRS yearly. To do this, they have to use form 1094-B.

Continue reading to learn about the 194-B form and how to file it.

What is Form 1094-B?

Form 1094-B is known as the Transmittal of Health Coverage Information Returns. It is a short form for self-insured small employers who furnish the IRS with information regarding who is covered under the minimum essential coverage in their business operations.

The 1094-B form is usually filed together with form 1095-B. The insurer submits Form 1094-B, the transmittal form, and Form 1095-B, the return form.

The form reports the coverage status of an individual for a certain year, and it is filed at the beginning of the following year.

What Is the Deadline for Filing Form 1094-B?

According to the IRS, the deadline for filing the 1094-B form is February 28 of every year. If you’re filing the form electronically, the deadline is March 31. When these days fall on a weekend or public holiday, the deadline is extended to the next business day.

If you require more time to file the 1094-B, you can request additional time using form 8809, provided you make this request before the deadline. The extended time is normally 30 days.

How to Complete and File Form 1094-B

If you wish to file form 1094-B, follow these steps;

1. Visit the IRS official website and navigate the Forms, Instructions, and Publications menu.
2. In the search menu, type “Form 1094-B.”
3. When you locate the form, click on the “Product Number” section to open the pdf file.
4. If you plan to complete the form manually, download the file and print it in landscape orientation.
5. To complete the file, input the following details;
   1. Company name.
   2. Company’s nine-digit Employer Identification Number (EIN)
   3. Details of the person to contact if the IRS wants clarification regarding the form. These details include;
      1. Name of person
      2. Telephone Number
      3. Street address
      4. City or Town
      5. State or Province
      6. Country and Zip code
   4. The number of forms 1095-B submitted with form 1094-B
   5. Place your signature confirming that the details are true.
6. Find a flat envelope and write the sender and receiver details (IRS).
7. Put your forms in the envelope. You should not fold the envelope and shouldn’t join the forms together using staples or paperclips if they’re several.
8. Mail the forms using first-class mail as is required by postal regulations.

It is important to note that, while filing the 1094-B form, keep copies. It is also wise to keep backdated copies for your filing copies for the last three years.

If you need more information on form 1094-B, you can visit the website https://blog.boomtax.com/essential-guide-form-1094-b/ to get more in-depth knowledge of what the form entails.

Penalties for Not Filing Form 1094-B

Filing form 1094-B is a requirement by the Affordable Care Act, and thus it is mandatory for all providers of this insurance to submit the files to the IRS.

If they fail to file the 1094-Bs, they could face penalties from the IRS. For example, A $280 fine applies for each failure when providers of MEC fail to do the following;

• When they fail to furnish recipients with the 1094-B forms in time
• When they don’t file the correct forms

When they don’t use the correct method of filing, like filing electronically when required.