The 2017 ACA fulfillment services include the printing and mailing of 1095-C forms to employees. These forms are due to employees by March 2, 2017 (the original deadline of January 31, 2017 was extended to March 2nd in late November).
The IRS has issued guidance extending deadlines associated with Section 6055/6056 Reporting for 2015. The IRS released Notice 2016-4, which details the new deadlines for employers regarding Form 1094-B, Form 1094-C, Form 1095-B and Form 1095-C.
The notice also provides guidance for individuals who may not receive a Form 1095-B or Form 1095-C by the time they would like to file their 2015 tax returns.
When it comes to taking steps to comply with the Affordable Care Act, there are three things we here at NGE believe you shouldn’t have to worry about when choosing your ACA compliance partner:
- Payroll Vendor
- HRIS System
A good ACA services third-party administrator (TPA) should take care of the process for you.
April 15, 2015 has come and gone, yet the IRS is still on many employers’ minds…and the Affordable Care Act Section 6055 and 6056 Reporting requirements can be quite a headache. Just figuring out which obligations you have as an employer can be a maze, not to mention making sure you use the correct forms to file.
Compliance with the Affordable Care Act Large Employer Mandate isn’t something you should put off until open enrollment or the end of a measurement period. ACA compliance is a year-round activity, and every large employer should take steps to review their policies and practices.
The ACA Employer Mandate can be quite costly for large businesses who fail to comply with the regulations. For example, if a company with 10,000 full-time employees in 2015 does not offer coverage to at least 7,000 of their full-time employees and their dependents (9,500 in 2016), and at least one of the full-time employees receives a premium tax credit to help pay for coverage on a Marketplace, the company could be assessed a penalty of $20 million dollars!!
When you think of the Affordable Care Act and its requirements, do you cringe? You aren’t alone. The ACA Employer Mandate has so many confusing nuances and requirements that even the most savvy compliance and HR managers can walk away with a dizzy head.