The newest clarification is the requirement to transmit Information Returns along with SOAP messages as MTOM-encoded attachments. If you are anything like me, you might be asking yourself, “What is MTOM?” MTOM is a standard that provides a method of efficiently sending binary data via web services.
As you can see, the transmittal of data to the IRS is very intricate. Technical requirements for transmittal files and APIs have been ever-changing as the IRS revises and clarifies items on a month-to-month basis. Be sure you are taking action to ensure your institution will be ready for the filing requirements.
In addition to the details discussed previously, new drafts of the 1094 and 1095 forms have been made available by the IRS and can be found on the IRS website by searching 1094 or 1095.
Full instructions are still outstanding, but there are some changes for the 2015 year that will be important for you to note on the 1095-C form:
Bottom line: We are ready to help our clients with the daunting task of staying compliant amidst the ACA chaos and invite you to learn more about the power of our single source ACA Compliance Suite℠.
*Data received from the IRS Affordable Care Act (ACA) Information Returns (AIR) working group meeting June 23, 2015.