The latest in ACA reporting, news, and preparation tips to satisfy your employer reporting requirements. Find deadlines, checklists, state requirements, and more.
Perhaps one of the more complex pieces of the ACA compliance equation is the affordability safe harbor provisions. At its simplest, coverage is considered affordable if the premium constitutes less than 9.66% of the household income of an eligible employee. Since this calculation takes into account the take home pay for spouses, it is often … Read more
The Affordable Care Act mandate specifies that employers must offer a majority of their employees affordable health coverage. For tax year 2016 and forward, you’ll need to calculate whether 95% of your full-time employees (and their dependents) were covered. If 95% of your eligible employees were not offered with affordable healthcare coverage, you may be subject … Read more
We are excited to announce that the BoomTax API for the IRS AIR system has entered the beta phase of development!
The BoomTax API makes managing and e-filing Affordable Care Act returns very simple. By using a modern web API, you can easily import data from your back-end systems into BoomTax and prepare your filing in a totally hands-off way.
In our continuing effort to provide the most secure platform for completing your Affordable Care Act filing, we are proudly announcing that Two Factor Authentication is now available for all BoomTax users.
You may be familiar with Two Factor Authentication (aka 2FA) if you’ve ever logged into a website, then had to type in a code you receive on your phone. This prevents a would be attacker from stealing your login credentials and logging in to your account. With 2FA, the attacker would need your login AND access to your phone in order to login to your account.
Are you interested in a cloud based ACA filing solution, but you aren’t sure about having your data “in the cloud”? If so, we created a service called SecureWipe to permanently erase all of your data from the BoomTax platform. This includes all of your data: filings, forms, downloads, imports, logs, and more.
This new service is part of our comprehensive approach to security. In addition to following security best practices and providing end-to-end encryption across the entire e-filing process, SecureWipe allows you to manage your data footprint and provide additional piece of mind.
As part of our continued commitment to small businesses, we are proud to announce the launch of our FREE ACA e-filing service for select employers. Beginning today, employers with up to 75 full-time (or full-time equivalent) employees can use BoomTax to file their IRS tax forms 1094-C and 1095-C electronically with the IRS for the … Read more
If you’re looking for an ACA filing solution, look no further. Let BoomTax do the work for you, so you can get your ACA filing done in a timely manner before the deadlines. As an employer, you’ve spent countless hours shopping around for affordable health care that meets all of the ACA requirements and you’ve … Read more
The IRS has released the ACA draft instructions for Form 1094-C and 1095-C to provide employers with a sneak-preview of the upcoming ACA information reporting changes. If you would like to view the full drafts for the 2016 Form 1094-C and 1095-C, you can find them here: ACA draft instructions. Please Note: Do not use this … Read more
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
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
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
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
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.
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