INSIGHTS ABOUT HEALTH CARE REFORM

NOVEMBER 30, 2015  

ACA Reminder: New Employer Reporting Requirements
 
The end of the year is quickly approaching, and with it comes a new Affordable Care Act (ACA) reporting requirement for large employers as well as some small employers. This new requirement provides details for the IRS, the employer, and employees about health coverage offered by the employer to full-time employees (additionally part-time employees will need a form if the employer was self-insured and the part-time employee enrolled in that coverage). For self-funded plans, the forms also provide details as to who was covered under the plan. 
 
Forms and Dates
Large employers (those with 50 or more full-time equivalent employees) will report this information via IRS forms 1094-C and 1095-C. Small employers who reach the 50 or more level due to consolidation or being part of a controlled group will also be required to file these forms. Other small employers, who have a self-funded insurance plan, will be required to submit similar information via forms 1094-B and 1095-B. These reporting requirements are due to employees by January 31, 2016, and to the Internal Revenue Service on February 29, 2016, if paper filed or March 31, 2016, if e-filed.
 
It's important to note that this new health coverage reporting is made on a calendar year basis, regardless of the health plan year-end. It also requires month-by-month reporting information, as the status of the employee can change within the reporting year.
 
Correct Data Vital
While it may seem as simple as keeping track and filling out a few forms, these filing requirements are actually quite complex. The penalties for failure to file or furnish complete and accurate information can range from $50-$250 per form, so it is vital that the correct data is identified and delineated appropriately. It can be confusing for an employer to gather and format this information to fit the reporting requirements, and it is important to take care in assuring all information is understood and correct so you may remain in compliance. For 2015, the penalties may be waived due to reasonable cause.
 
Eide Bailly's health care reform professionals are familiar with the details of these requirements and can provide form assistance and information related to the overall process. If you have questions, please visit our health care reform website, contact your Eide Bailly service provider, or reach out to our health care reform team at healthcarereform@eidebailly.com or 855.220.8634.  We also recently updated our Dates to Remember resource.
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