Stay up to date on 1095C ACA forms as an employer. Avoid pesky IRS fines with articles that give you an advantage. Filing late isn’t a problem with tax year specific articles.
An employer may receive an ACA penalty letter if their filing is late, missing or inaccurate. The Affordable Care Act (ACA) requires that certain employers file and furnish ACA forms annually. If they do not meet these requirements, then the IRS may send out a notice to explain what went wrong and what to do … Read more
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
Today, the Internal Revenue Service (IRS) published the yearly AIR Production cutover schedule for the TY 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 has not yet been released. Updates on this will be made available … Read more
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
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
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
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
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? Beginning in Tax Year 2023, the … Read more
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
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
The new ACA Information Returns (AIR) Schema and Business Rules for tax year 2024 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
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
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
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
All providers of health coverage, including employers that provide self-insured plans, must file their annual 1095-C 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 … Read more