Latest articles on Affordable Care Act (ACA) everything you need to know to file including code guidance, deadlines, step-by-step guides, and simplified IRS definitions.
Today, the Internal Revenue Service (IRS) published the yearly AIR Production cutover schedule for the Tax Year 2024 (Filing Season 2025). 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 5:00 pm Eastern Time on … 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
The IRS authorizes businesses to furnish electronic copies of certain tax forms, instead of a paper copy. Electronic Form Delivery Benefits There are many benefits to E-Delivery: However, electronic form delivery isn’t as simple as just sending forms via email; there are extensive rules and requirements for it. Electronic Form Delivery Requirements The requirements for … Read more
Tax Year 2024 is coming to a close, which means that the filing season of 2025 is upon us! We’ve created this guide, so you don’t miss the 2025 deadlines. Basic Information When each tax year, or calendar year, comes to a close, employers must ensure that they meet all IRS tax requirements regarding filing. … Read more
Form 8809 is a tax form that allows taxpayers to request additional time for filing specific information returns such as 1099, W2, or ACA Forms. After submitting Form 8809, an automatic 30-day extension period is granted. Which form deadlines can I extend using Form 8809 Extension? Form 8809 can be used to extend the following … Read more
IRS Penalties can happen for a variety of reasons, including forgetting to file, not filing by the deadline, not furnishing forms, or not offering coverage for ACA filing. IRS Penalties for ACA Forms Both types of ACA filings (B-series and C-series) require that the filer submit a return to the IRS, any applicable states, and … Read more
One of the easiest steps of preparing Form 1095-B is to gather the information of the 1095-B issuer. This will include their TIN information and a point of contact for any recipient questions. Issuer TIN Like recipient TIN information, issuer TINs should be verified before the filings are submitted. Tools such as TINCorrect can help … Read more
Tax Year 2024 is coming to a close, which means that the filing season of 2025 is upon us! We’ve created this guide, so you don’t miss the 2025 ACA deadlines. Basic Information When each tax year, or calendar year, comes to a close employers must ensure that they meet all IRS tax requirements regarding … Read more
As more states begin to pass their own individual mandate, employers are understanding that meeting the Affordable Care Act’s reporting requirements is a complex process which includes overwhelming terminology. We’ve gathered a glossary of the most essential ACA terms you’ll need to know before filing. Common ACA Terms ACA Information Returns Program (AIR) Under the ACA, … 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
If you e-file your ACA forms to IRS and later realize that you included an additional record by mistake, there is a way to fix it. Although, the IRS doesn’t have a straightforward way to void a 1095-C once it’s been filed, it can be corrected. So this raises the question: Is there a way … Read more
The IRS sends out Letter 1865C to employers if they cannot process some of their ACA forms. This can be for a variety of reasons, including improper format, incorrect forms, and typos among other things. What is IRS Letter 1865C? The IRS Letter 1865-C, Information Return (Paper) Incomplete or Rejected for Processing, is a … 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
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