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?
Continue reading Looking for an ACA filing solution?
The IRS has released a draft of the 2016 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 1094-C and 1095-C, you can find them here.
(Note: Do not use this draft to file your tax forms.)
Continue reading Draft 2016 Instructions for Form 1094-C & 1095-C Released
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 30-day extension of time to file by completing Form 8809, Application for Extension of Time to File Information Returns. The form may be submitted on paper, or through the FIRE System either as a fill-in form or an electronic file. No signature or explanation is required for the extension. However, you must file Form 8809 by the due date of the returns in order to get the 30-day extension. Under certain hardship conditions you may apply for an additional 30-day extension. See the instructions for Form 8809 for more information.”
Continue reading ACA Reporting Deadlines for Tax Year 2016