It is important to know what information to gather before you begin the ACA reporting process. We’ve identified the following 7 key topics that may help with completing your ACA reporting in our Getting Started Checklist. Getting Started Checklist – ACA Reporting Identify common law employees First, you will need to identify all common law employees. According … Read more
Today, the IRS announced an ACA deadline extension for issuing employee copies for tax tear 2016. ACA Deadline Extension Notice 2016-70 extends the due date for furnishing the 1095-C forms to the employees from January 31, 2017 to March 2, 2017. Although the IRS has issued this automatic 30-day extension, they still encourage employers to … Read more
The Affordable Care Act mandate specifies that employers must offer a majority of their employees affordable health coverage. For tax year 2016 and forward, you’ll need to calculate whether 95% of your full-time employees (and their dependents) were covered. If 95% of your eligible employees were not offered with affordable healthcare coverage, you may be subject … Read more
The IRS has released the ACA draft instructions for Form 1094-C and 1095-C to provide employers with a sneak-preview of the upcoming ACA information reporting changes. If you would like to view the full drafts for the 2016 Form 1094-C and 1095-C, you can find them here: ACA draft instructions. Please Note: Do not use this … Read more
With the 2015 tax year over, it’s time to begin thinking about ACA reporting for the 2016 tax year. The ACA reporting deadlines for 2017 will not automatically extend as they did in 2016, so filers will want to apply for an extension using form 8869. According to the IRS, “You can get an automatic … Read more