IRS AIR Production Cutover Schedule Released for TY 2023

IRS AIR Production Cutover Schedule Released for TY 2022 - Orange cone in parking lot

Today, the Internal Revenue Service (IRS) published the yearly AIR Production cutover schedule for the Tax Year 2023 (Filing Season 2024). The temporary shutdown will impact all transmissions related to the Affordable Care Act (ACA), including corrections and replacements. AIR Production Cutover Schedule The shutdown for production will begin at at 7:00 am ET on … Read more

IRS Corrections: What, When, Why and How?

IRS Corrections: What, When, Why and How?

Every BoomTax filing license comes with free unlimited corrections submissions. We hope you never have to use them, but you should know what they are, when to submit them, why they are necessary, and how to minimize them. What Are Corrections? After you’ve submitted your information returns to the IRS, they may come back as … Read more

Affordable Care Act Reporting Tool – 4 Easy Steps!

ACA Measurement Methods - Person going over graphs

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

What is Employer Shared Responsibility?

employer shared responsibility provision payment meeting

Under the Affordable Care Act (ACA), the federal and state governments, employers, and insurers were given a shared responsibility to improve the availability, quality, and affordability of health coverage in the US. The Affordable Care Act’s employer shared responsibility provisions require certain employers (called applicable large employers or ALEs) to offer affordable health coverage to … Read more

What is a Common Law Employee?

Common Law Employee - Work Meeting

One of the first steps in preparing for ACA reporting is identifying all of your common law employees. The IRS defines an employee as anyone who performs services for you if you can control what will be done and how it will be done. This includes when you have given the employee freedom of action. … Read more

AIR Schema and Business Rules for Tax Year 2023 Released

AIR Schema and Business Rules for Tax Year 2023 Released

The new ACA Information Returns (AIR) Schema and Business Rules for tax year 2023 and ACA Assurance Test System (AATS) Scenarios have been released. AIR Schema and Business Rules Version 1 of AIR schema and business rules have been posted to the IRS AIR website. This is for forms 1094-B, 1095-B, 1094-C and 1095-C. This … Read more

Better Late Than Never – Filing Penalties for ACA Forms in 2024

Stack of hundred dollar bills - Filing Penalties for ACA Forms

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

What is a Full-Time Employee?

full-time employee team

When beginning your ACA filing, it is important to know who is considered a full-time employee. Determining who is considered a full-time employee may be more difficult than it initially seems. For purposes of Employer Shared Responsibility provisions, the IRS defines a full-time employee as such: “[A]n employee is a full-time employee for a calendar … Read more

Mastering Form 1095-C: The Essential Guide

Form 1095-C Featured Image

Form 1095-C provides information to both the IRS and the employees regarding health coverage offered by an employer to each employee. What is Form 1095-C? For employers, Form 1095-C combined with Form 1094-C is used to determine whether an Applicable Large Employer (ALE) owes an employer shared responsibility provision (ESRP) payment under IRS section 4980H. For employees, … Read more

Mastering Form 1094-C: The Essential Guide

1094-C

Have you ever been curious about how companies with more than 50 full-time and full-time equivalent employees report their health insurance coverage to the IRS? This crucial form serves a dual purpose: it acts as a cover sheet for your company’s filing and provides monthly information to demonstrate compliance with the Affordable Care Act. When … Read more

Offer Methods for Certifications of Eligibility – IRS 1094-C

Certifications of Eligibility & Offer Methods for IRS 1094-C - Brown post it notes, sharpie, and keyboard on gray desk

IRS Form 1094-C, Part II – ALE Member Information only has 3 line items. One of these is Line 22 – Certifications of Eligibility (Offer Methods). This line is a very important part to get right. It may look confusing, but it’s actually pretty simple! 22. Certifications of Eligibility This line designates if the employer … Read more

IRS AIR Production Cutover Schedule Released for TY 2022

IRS AIR Production Cutover Schedule Released for TY 2022 - Orange cone in parking lot

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

Filing Penalties for ACA Forms 1094-C & 1095-C in TY 2022

Falling Money - Filing Penalties for ACA Forms

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

Verifying Employee TIN Information

Employee TIN TINCorrect, IRS, SSA, SSN, Social Security Numbers, TIN verification. EIN, EIN verification

Once you have determined your common law employees and your total of full-time employees, an important detail in completing your ACA reporting is verifying your employee TINs (Tax Identification Numbers). Importance of Employee TIN Verification Failing to include an employee’s TIN, or providing the wrong TIN, could result in having your filing rejected, requiring corrections, … Read more

Self-Insured Plans: Form 1095-C Preparation

Typing - Self-Insured Plans

All providers of health coverage, including employers that provide self-insured plans, must file their annual returns with the IRS to report information about the coverage and each covered individual. Self-Insured Plans: Required Information For self-insured plans, the following information must be reported to the IRS: Self-insured coverage is defined as coverage where the employer assumes … Read more

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