IRS Releases 2023 Forms 1094/1095 and Related Instructions
The IRS has released final Forms 1094/1095-B and 1094/1095-C, as well as related instructions, for the 2023 tax year. As a reminder, the Forms 1094/1095-C are filed by applicable large employers (“ALEs”), providing information that the IRS needs to administer the employer shared responsibility mandate and eligibility for premium tax credits, as required under Code Section 6056. Forms 1094/1095-B are filed by non-ALEs to report health plan information in accordance with Code Section 6055.
The forms are essentially unchanged from 2022. However, the instructions do have a change from prior years, when filers could file their reporting forms by paper if they were filing fewer than 250 returns. Starting in 2024 (i.e., for 2023 filings), filers with ten or more returns in the aggregate must file their Forms 1094-B, 1095-B, 1094-C, and 1095-C electronically. Filers must consider in the aggregate almost all information return types (including these forms, Forms W-2 and 1099) to determine if the ten-return threshold is met. Additionally, the penalty for failing to file electronically is increased to $310 per return (up from $290), not to exceed $3,783,000 (up from $3,532,500), for filers who have more than ten returns. For calendar year 2023, Forms 1094-B and 1094-C (transmittals with statements) are required to be filed with the IRS by February 28, 2024, or April 1, 2024, if filing electronically. (Filers may extend these deadlines by application to the IRS using Form 8809.) The February 28 due date for paper filings is not affected by the fact that 2024 is a leap year. The deadline for furnishing statements to individuals is March 1, 2024, reflecting a permanent automatic extension until 30 days after January 31.
The final instructions can be found at the following links:
The final forms can be found below:
