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 Form 1095-C Guide for 2024 (TY2023)

Form 1095-C Guide - Colorful leaves

Before you begin to prepare your ACA reporting, it’s important that you know what information you need in preparing Form 1095-C. We’ve compiled the following 7 key topics in our Form 1095-C Guide that may help you to correctly and timely complete your filing. What’s new for Form 1095-C? The electronic filing threshold has been … Read more

Which ACA Form Do I Need? 1095-B vs. 1095-C

desk flatlay - Which ACA Form Do I Need 1095B vs. 1095C

Both Forms 1095-B and 1095-C are for Affordable Care Act reporting, but you may find yourself asking: which ACA form do I need? There are some key differences in each form, so we have created this guide to help you decide which you need in order to report your data. What is the ACA? In … Read more

Import Spreadsheet Format Guidelines for Tax Year 2023

Import spreadsheet format guidelines A Step-by-Step Guide

We’ve created Excel import spreadsheet templates to help you easily upload all of your 1095-B and 1095-C, 1099, and W-2 data. These templates are identical to the official IRS forms so that you can enter the information just as you would on paper.  General Import Spreadsheet Guidelines For more in-depth or specific validation errors, you can … 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

3 Alternative Affordability Safe Harbors

Affordability Safe Harbors

Health coverage affordability is an important part of complying with the ACA’s Employer Mandate. Failing to comply can result in penalties and fines. So, how do employers determine affordability? There are three affordability safe harbors that can be used: Form W-2, Federal Poverty Line (FPL), and Rate of Pay. ACA Employer Mandate The ACA Employer … 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

Form 1095-C Contact Information for Employee Questions

aca, affordable care act, 1095-C, 1094-C, efiling, contact

Perhaps one of the easiest steps of the ACA preparation process is ensuring accessibility for your employees to contact you or an agent in the event that they have questions regarding their Form 1095-C. Make sure to provide employees with a working call number or other contact option that is reachable during business hours. The … Read more

Understanding Aggregate ALE Groups and the ACA in 2023

Understanding Aggregate ALE Groups and the ACA

Employer Shared Responsibility Provisions (ESRP) are an essential part of the Affordable Care Act (ACA). These provisions only apply to certain large employers, known as Applicable Large Employers (ALEs).  ESRP requires these employers to offer minimum essential coverage (MEC) that is affordable and that provides minimum value to their employees and their dependents. Failure to … 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