If you are a business with more than 50 full-time or equivalent employees, you should be abiding by the Affordable Care Act Employer Shared Responsibility Provisions by now.
You’ve done everything you needed to do to make sure you were ACA compliant for tax year 2015: you’ve spent countless hours shopping around for affordable health care that meets all of the ACA requirements and you’ve sent out all of the plan information to your employees. Perhaps you’ve even invited a representative from the insurance company to help explain the plan options and answer questions. You can finally let out a big sigh of relief now that all the hard work is over…right?
The January 31st deadline to issue your eligible employees with their 1095-C forms will be here faster than you think. This may not be a big deal if your company has a large payroll or HR staff to take care of these types of tasks. What if you are a smaller company with less than 250 full-time or equivalent employees? Your payroll staff consists of only one or two people. Imagine all of the “fun” it will be for your few lucky employees who need to manually fill out all of the 1095-C’s, print, stuff in envelopes, and mail a copy to each employee. Then still need to fill out your 1094-C and send it with copies of the 1095-C forms to the IRS.
My company has more than 250 employees
If your company has 250 or more full-time or equivalent employees, you must file your 1094-C and 1095-C’s electronically. Now your small payroll staff needs to learn the IRS AIR system, apply for a TCC (Transmitter Control Code), learn about XML files, manifests, and error codes. Do we want to talk about the nightmare of file rejections? What if you need to file corrections?
How do I find a ACA filing solution?
This is where BoomTax comes in and makes the process easy for you. You import your XML or Excel file to the secure file upload page. BoomTax will process the information and fix common errors. Your data is verified against roughly 500+ IRS rules making sure your filing is error free once it’s time to file. Once you give the information a final once over and everything looks good, simply click the E-file button. You are done!
Let BoomTax do the work for you. Click here to get started. You will not be disappointed.
For more information about the ACA Employer Shared Responsibility Provisions, click here.
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.