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.
Many institutions submit paper forms to the IRS for their year end filings, but these institutions may need to switch to electronic filing starting in 2024. The IRS recently published final regulations amending the rules for filing electronically which drastically reduced the paper filing threshold amount. Final Regulations On February 23, 2023, the Internal Revenue … 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
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
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
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
On Oct 19 2022, the RI Division of Taxation (part of the RI Department of Revenue) released an advisory for taxpayers and tax professionals regarding ACA individual mandate filing deadlines. Rhode Island ACA Deadlines The advisory states that the Rhode Island ACA deadlines for both furnishing forms and reporting with the state have been updated. … 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
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
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
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
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
Perhaps the most intimidating (and challenging) part of Form 1095-C codes for new filers is determining what they mean and how to use them for Box 14 and 16 of the 1095-C. The use of short 1 digit, 1 letter codes to express coverage, full-time/part-time status, and affordability is cryptic at best, so we’ve compiled … 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
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
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