Reminder: 2022 1095-C and 1094-C

The 2023 deadlines for filing the 2022 1095-C and 1094-C forms are fast approaching. It is important for employers to be aware of these dates so that they can ensure accurate and timely filing. 

What Are The 1095-C and 1094-C Forms?

The 1095-C form is an informational return filed by ‘large’ employers (those with 50 or more full time and equivalent employees) who provide health insurance coverage to their employees. This form provides information about the type of health coverage offered, as well as the amount paid by each employee in order to obtain that coverage. Meanwhile, the 1094-C form serves as a transmittal form (think of it as a cover sheet). The 1094-C accompanies all copies of Form 1095-C that are submitted to the IRS. It also includes summary information about all of the employees covered by your plan, such as total number of employees, total number of full time employees, etc.

1095-C Forms are due to employees by March 1, 2023. 

Why Is It Important To Meet The Deadline?

Failure to meet the deadline can result in penalties from both federal and state governments. The penalties vary depending on when you file your forms; if you submit them after the due date but before August 1st then you will be liable for a penalty of $50 per return with a maximum penalty of $536,000 per year ($187,500 for small businesses). If you submit them after August 1st then you could be liable for a penalty up to $3 million annually ($1 million for small businesses). Additionally, failing to file or submitting inaccurate information may lead to audits or other enforcement actions from government agencies.

How Do I File My Forms?

Employers filing 250 or more 1095-C must use the government’s AIR electronic filing system. AIR filings of the 1095-C and 1094-C are due by March 31, 2023. Those filing fewer than 250 1095-C may mail hard copies of the 1095-C and 1094-C to the IRS by February 28, 203.