The latest in ACA reporting, news, and preparation tips to satisfy your employer reporting requirements. Find deadlines, checklists, state requirements, and more.
As we step into 2023, it’s crucial for employers and tax professionals to stay informed about the latest changes to IRS Form 940 and Form 941. Understanding these updates is key to ensuring compliance and making the most of potential benefits. Here’s a breakdown of what’s new and what it means for you. Updates to … Read more
Today, the Internal Revenue Service (IRS) published the yearly AIR Production cutover schedule for the Tax Year 2023 (Filing Season 2024). The temporary shutdown will impact all transmissions related to the Affordable Care Act (ACA), including corrections and replacements. AIR Production Cutover Schedule The shutdown for production will begin at at 7:00 am ET on … Read more
Both Forms 1095-B and 1095-C are for Affordable Care Act reporting, but you may find yourself asking: which ACA form do I need? There are some key differences in each form, so we have created this guide to help you decide which you need in order to report your data. What is the ACA? In … Read more
As more states begin to pass their own individual mandate, employers are understanding that meeting the Affordable Care Act’s reporting requirements is a complex process which includes overwhelming terminology. We’ve gathered a glossary of the most essential ACA terms you’ll need to know before filing. Common ACA Terms ACA Information Returns Program (AIR) Under the ACA, … Read more
In March 2010, Congress passed a comprehensive health care reform law known as the Affordable Care Act. What is the Affordable Care Act (ACA)? The Affordable Care Act is a comprehensive health care reform law that was passed in March 2010. Alternatively, known as ACA, Patient Protection and Affordable Care Act (PPACA), or Obamacare. It’s … Read more
When the IRS made reporting Affordable Care Act (ACA) a requirement back in 2015, it made employer reporting an obligation. There are two form types that can be submitted: Form 1095-B Health Coverage & Form 1095-C Employer-Provided Health Insurance Offer and Coverage. Failure to fulfill the filing and furnishing obligations with the IRS results in … Read more
B and P Notices are sent out by the IRS regarding certain errors found in the previous years’ information returns. What are B and P notices? B Notice, or CP2100 and CP2100A , notifies the payer of incorrect name and tax identification number (TIN) combination errors. P Notice, or 972CG, provides a proposed civil penalty … Read more
The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. Electronic Form Delivery Benefits There are many benefits to E-Delivery: However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. Electronic Form Delivery Requirements The requirements for … Read more
The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. There are many benefits to E-Delivery: However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. E-Delivery Requirements The requirements for electronic delivery of recipient forms can … Read more
After determining the individuals who should receive or be reported on the Form 1095-B, it is important to verify their taxpayer identification number (TIN) information. Verify TINs Before Filing Failing to include a recipient’s TIN, or providing the wrong TIN, could result in your filing being rejected, requiring corrections, re-issuing recipient copies, and potential penalties … Read more
Tax Year 2023 is coming to a close, which means that the filing season of 2024 is upon us! We’ve created this guide, so you don’t miss the 2024 deadlines. Basic Information When each tax year, or calendar year, comes to a close, employers must ensure that they meet all IRS tax requirements regarding filing. … Read more
Tax Year 2023 is coming to a close, which means that the filing season of 2024 is upon us! We’ve created this guide, so you don’t miss the 2024 ACA deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements regarding … Read more
The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. Electronic Form Delivery Requirements The requirements for electronic delivery of recipient forms can be found in IRS … Read more
One of the most common types of ACA e-filing errors returned from the IRS AIR system are TIN validation errors, including EIN validation errors. The most common EIN validation errors are listed below: What causes an EIN Validation Error? This will happen when the name and EIN submitted in your filing doesn’t match what the … Read more
One of the easiest steps of preparing Form 1095-B is to gather the information of the 1095-B issuer. This will include their TIN information and a point of contact for any recipient questions. Issuer TIN Like recipient TIN information, issuer TINs should be verified before the filings are submitted. Tools such as TINCorrect can help … Read more