Important ACA Reporting Deadlines for Tax Year 2016

April 3, 2023August 22, 2016 by Ken Ham

With the 2015 tax year over, it’s time to begin thinking about ACA reporting for the 2016 tax year. The ACA reporting deadlines for 2017 will not automatically extend as they did in 2016, so filers will want to apply for an extension using form 8869. According to the IRS, “You can get an automatic … Read more

Import and E-File AIR XML Files in 5 Minutes

December 20, 2022May 20, 2016 by Ken Ham

So you’re ready to e-File AIR XML data to the IRS, and you’ve realized that this process isn’t nearly as simple as it should be. First, you have to register for a TCC, pass some complex test scenarios, then learn the corrections/rejections process, then be able to produce custom code if your file has issues.

E-File Your UltiPro / Ultimate Software AIR XML

December 26, 2022April 20, 2016 by Ken Ham

Do you have an Ultimate Software AIR XML file that you need to e-file? If so, you are in luck! BoomTax now has the ability to import your XML file and e-file your forms within minutes. How do I e-file my Ultimate Software AIR XML? First, contact BoomTax for instructions on how to upload your data file … Read more

Import Spreadsheet Format Guidelines for Tax Year 2015

April 3, 2023February 10, 2016 by Ken Ham

Tax Year 2015 Import Spreadsheet Guidelines

To help you quickly and easily import your employee data, we have created an Excel spreadsheet template that contains all of your 1095-C data in a standard format for tax year 2015. This will make filing your ACA data before the deadline even easier! This format closely mirrors the 1095-C forms so your benefits / … Read more

Prepare Employees for New Form 1095-C

May 18, 2023February 3, 2016 by Ken Ham

The new ACA regulations require that applicable large employers issue a 1095-C to all eligible employees. Since this reporting requirement is new for 2015, there are some new process considerations to take into account to ensure that your employees are well informed, while also making sure you can gather data to help with compliance. At BoomTax, … Read more

Identify Covered Individuals and Gather Information for Form 1095-C

May 18, 2023August 27, 2015 by Ken Ham

For self-insured plans, you’ll need to identify covered individuals (employee, spouse, and their dependents) and their social security numbers. A date of birth will work in lieu of a social security number if you’ve made a reasonable attempt to gather SSNs for all non-employee covered individuals.

Keep in mind that self-insured coverage is defined as coverage where the employer assumes the financial risk for providing health care benefits to its employees. This coverage is rare for small businesses since it is typically costly.

Determine a Contact Phone Number for Form 1095-C

May 18, 2023July 29, 2015 by Ken Ham

Probably one of the easier parts of the ACA preparation process, you will need to make sure your employees have a good contact phone number to reach you if they have questions about their Form 1095-C. Since the Form 1095-C is sent to every eligible employee, you’ll want to make sure you use a contact … Read more

Determining 4980H Safe Harbor for Affordability – TY2015

December 26, 2022July 1, 2015 by Ken Ham

Perhaps one of the more complex pieces of the ACA compliance equation is the 4980H safe harbor provisions for affordability. At its simplest, coverage is considered affordable if the premium constitutes less than 9.5% of the household income of an eligible employee. Since this calculation takes into account the take home pay for spouses, it … Read more

Preparing for Employer Shared Responsibility – IRS TY 2015

December 26, 2022June 28, 2015 by Ken Ham

Employer Shared Responsibility - Monthly budget

The Affordable Care Act mandate specifies that employers must offer a majority of their employees affordable health coverage. For tax year 2015, you’ll need to calculate whether 70% of your full-time employees were covered. If you haven’t offered 70% of your eligible employees with affordable healthcare coverage, you may be subject to fines. How to Calculate Employer Shared … Read more

Identify Full-Time Employees – IRS TY 2015

December 28, 2022May 28, 2015 by Ken Ham

Identify Full-Time Employees - Empty papers

An important step that you’ll want to take to prepare for ACA reporting is to identify full-time employees for each month. You’ll want to be very careful with this calculation as the IRS is very specific with how it counts full-time employees. Full-Time Employees – Definition IRS defines a full-time employee like so: An employer’s … Read more

Identify Common Law Employees

April 3, 2023April 28, 2015 by Ken Ham

The first step to help prepare for your ACA information returns is to identify all common law employees.

According to the IRS, anyone who performs services for you is your employee if you can control what will be done and how it will be done. This is so even when you give the employee freedom of action. What matters is that you have the right to control the details of how the services are performed.