The latest in ACA reporting, news, and preparation tips to satisfy your employer reporting requirements. Find deadlines, checklists, state requirements, and 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
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
Tax Year 2022 is coming to a close, which means that the filing season of 2023 is upon us! We’ve created this guide, so you don’t miss the 2023 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
Today, the IRS announced the annual AIR Production cutover schedule for the Tax Year 2022/Filing Season 2023. This shutdown will affect all Affordable Care Act (ACA) transmissions, including corrections and replacements. AIR Production Cutover Schedule The system shutdown for production will begin on December 5, 2022 at 7:00 am ET. The start up date and … Read more
New Jersey is among the few states that have implemented state Affordable Care Act (ACA) mandates. With the 2023 filing season right around the corner, New Jersey ACA Changes have been announced amongst filing requirements. New Jersey ACA Changes There have been a couple updates regarding NJ ACA Requirements for the coming tax seasons. The … Read more
On Oct 19 2022, the RI Division of Taxation (part of the RI Department of Revenue) released an advisory for taxpayers and tax professionals regarding ACA individual mandate filing deadlines. Rhode Island ACA Deadlines The advisory states that the Rhode Island ACA deadlines for both furnishing forms and reporting with the state have been updated. … Read more
The end of the 2022 tax year means that the 2023 filing season is just around the corner! This guide was created to help you avoid missing the 2023 Form W-2 Deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements … Read more
The end of the 2022 tax year means that the 2023 filing season is just around the corner! This guide was created to help you avoid missing the 2023 Form 1099 Deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements … Read more
Filing Penalties for ACA forms can happen for a variety of reasons, including forgetting to file or not offering coverage. With the increase of tax enforcement from the IRS due to the Inflation Reduction Act, filers need to be sure that they are up to date with all ACA terms and in compliance with all … Read more
On Oct 13, 2022, the IRS released the final regulations regarding Affordability of Employer Coverage for Family Members of Employees and how this affects eligibility for the Premium Tax Credit (PTC). Background The final regulations amend the Income Tax Regulations (26 CFR part 1) under section 36B of the Code. The IRS and Treasury Department … Read more
The IRS sends out Letter 1865C to employers if they cannot process some of their ACA forms. This can be for a variety of reasons, including improper format, incorrect forms, and typos among other things. What is IRS Letter 1865C? The IRS Letter 1865C is a notice typically sent out to employers and filers … 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 … Read more
Since tax year 2022 coming to an end that means that the filing season of 2023 is right around the corner. With that in mind, we have compiled this list of tax tips for IRS filing in 2023. Helpful Tax Tips As each tax year, or calendar year, ends filers must ensure that they meet … 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. 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 by the IRS. In … Read more