Significant Changes Proposed to Form 5500

On July 21, 2016, a proposed rule was published by federal regulators that seeks to modernize and improve the Form 5500 annual return/report that is filed by employee benefit plans. In general, the changes are expected to apply for plan years beginning on or after Jan. 1, 2019.


The proposal would eliminate the current filing exemption for small group health plans.
Small group health plans that are fully insured would be required to provide only basic information.
The new Schedule J would report information about group health plan operations and compliance.

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The IRS has released 2016 draft forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. Draft or final instructions for the 2016 forms have not yet been released.

Forms 1094-B and 1095-B (released on June 22, 2016) are to be used by entities reporting under Section 6055, including self-insured plan sponsors that are not applicable large employers (ALEs).
Forms 1094-C and 1095-C (released on July 7, 2016) are to be used by ALEs to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.

Minor changes were made […] Read more