6056 Reporting…We Will Never Know the Real Affordable Care Act Costs

We all know the added taxes and penalties the Affordable Care Act (ACA) has imposed on all of us — but what about all the intangibles?

Deciphering Tax Forms for ACA

As we continue to educate our insurance clients on the new tax forms due in January (6056 reporting), our firm prepares for our third general meeting, on top of countless prior individual sessions, and I begin to wonder what the real cost is.

Insurance carriers, accounting firms, legal firms, brokerage and consulting firms have all hired additional staff not only to decipher the law but to implement it. Once that is accomplished, more time is spent explaining it to business owners, executives, and employees, and all their attorneys and accountants.

The Impact of ACA

When the hourly wage increases, so does the cost of our burgers. Who will end up with the intangible expenses of the Affordable Care Act? Unfortunately, we all will, through the added cost to all products and services.

And while I am eating my first burger of 2016, I will wonder how much of the cost is from the Affordable Care Act.

For your next lunchtime reading, here are instructions on how to properly prepare the 6056 statements (1094 and 1095 forms) required of all employers with over 50 full-time employees.

Written by: Doug Grant, Consultant at Cornerstone Insurance Group

If you’re in need of more help clarifying tax forms, contact the insurance consultants at Cornerstone today.