Import Spreadsheet Format Guidelines for Tax Year 2015

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. This format closely mirrors the 1095-C forms, so your benefits / payroll provider should be somewhat familiar with the information required to populate this spreadsheet.

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Updated ACA Deadlines Announced for TY 2015

On December 28th, the IRS released updated ACA deadlines as follows:

  • Deadline to distribute Form 1095-C to employees and covered individuals

March 31, 2016

  • Deadline to paper file with the IRS

May 31, 2016

  • Deadline to E-file with the IRS

June 30, 2016

 

The IRS has also noted that extensions will not be available in addition to the new deadlines:

Importantly, the IRS explained that because the new deadlines are available to all filers and are more favorable than the extensions that were otherwise available, no additional automatic or permissive extensions will be granted.

The importance of filing by the new deadlines cannot be understated, as the IRS is applying a good faith compliance standard to all timely filed forms reporting 2015 information.  Under this standard, the IRS will not assess a penalty for incomplete or incorrect information on the reporting forms as long as the forms were filed on time and the filer can show that it completed the forms in good faith.

 

Accordingly, BoomTax has updated our recommended deadlines as follows:

  • Recommended day to have filing prepared (to allow enough time to create employee copies)

March 15, 2016

  • Final date for print and mail requests. Orders are processed as first come first serve. Orders that are placed after this date have a greater chance of missing the employee copy deadline.

March 20, 2016

More information here:

http://www.natlawreview.com/article/irs-extends-deadlines-affordable-care-act-reporting

What is the Qualifying Offer Method?

The qualifying offer method is a more complex way of saying that the employer offers a health insurance plan that meets the minimum value requirement where the cost to the employee is less than 9.5 % of the federal poverty level. In addition to this, the employer must offer the plan to all members of the employee’s family (spouse and dependents) to be eligible to use this reporting method.

Employers that provide a Qualifying Offer all year long for their employees are eligible to use a special alternative employee statement.

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