IRS Posts FAQs about Code Sec. 6055 Reporting of Minimum Essential Coverage The IRS has posted frequently asked questions (FAQs) about the new Code Sec. 6055 reporting requirements for providers of minimum essential health coverage. The FAQs describe which providers must report, when reporting is mandatory, statements to responsible individuals and more. CCH Take Away. The Health Insurance Marketplaces also have reporting requirements. "Form 1095-A has been designed for completion by Health Insurance Marketplaces," Edward Leeds, counsel, Ballard Spahr, LLP, Philadelphia, told CCH. "Form 1040 has been revised to include a line relating to compliance with the individual mandate." Background The Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) requires every provider of minimum essential coverage to report coverage by filing an information return with the IRS and furnishing a statement to individuals. Code Sec. 6055 generally applies to health insurance issuers, plan sponsors of self-insured group health plan coverage, and the executive department or agency of a governmental unit that provides coverage under a government-sponsored program. Forms/statements The IRS has developed Forms 1094-B, Transmittal of Health Coverage Information Returns, and Form 1095-B, Health Coverage, for Code Sec. 6055 reporting. These forms must be filed with the IRS on or before February 28 (March 31 if filed electronically) of the year following the calendar year in which it provided minimum essential coverage to an individual. Additionally, a health coverage provider must furnish the statement to a responsible individual on or before January 31 of the year following the calendar year in which minimum essential coverage is provided. Transition/penalty relief Information reporting under Code Sec. 6055 was scheduled to be effective for coverage provided in 2015. However, the IRS announced transition relief in Notice 2013-45, which provided that reporting would be voluntary and not mandatory for coverage provided in 2014. No penalties under Code Secs. 6721 and 6722 will be imposed for 2015 returns and statements filed and furnished in 2016 on reporting entities that can show they made good faith efforts to comply.