Information Reporting
Point Of Clarification
Generally unless the employer is self-insured, which usually would only apply to major businesses, an employer will only complete Part I and Part II of the 1095-C. The group insurance carrier will file a 1095-B for each employee providing the insured’s names and the months of coverage (not required for 2019 and possibly later years). Therefore, Part III of Form 1095-C need only be completed by a self-insured employer since there is no insurance carrier to report that information.
Penalties
Penalties apply for failure to file a correct information return (Code Sec. 6721) and failure to furnish correct payee statements (Code Sec. 6722). However, these penalties may be waived if the failure was due to reasonable cause and not to willful neglect. (Code Sec. 6724(a))