To The Point
News from First Tier Accounting


Holiday 2015
In This Issue
Q&A on Health Care Reporting Requirements
This Month's Quote

"My new motto is:  When you're through changing, you're through." -- Martha Stewart

Good to Know
The "Where's My Amended Return?" tool provides the status of Form 1040X Amended Tax Return for the current year and up to three prior years. Click here to access this tool.
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First Tier Accounting is committed to helping small businesses maintain accurate and timely accounting records, understand their financial data and use this information to better manage business operations.
Greetings!
Happy Holidays!

We are fast approaching another year end and there is lots to do between now and then!  I hope you can find some time to relax with family and friends this holiday season.

As we wrap up another year, I want to thank you for your continued support and partnership as we work together to ensure that your books are up-to-date and that you have the information you need to manage your business and plan for the future.

In this issue, I address questions on the new reporting requirements under the ACA (Affordable Care Act), since many of you have asked me about them.  I obviously can't cover all of the issues specific to the reporting requirements, but I did address some of the more common questions you had.  If you have additional questions or need more information, feel free to follow up with me.

I also wanted to welcome my new intern, Nate!  He is helping me catch up on a number of projects and get a jump on year end also.  He's been a great help already and I'm grateful to have found him!

Feel free to share this newsletter with colleagues, friends or business owners who you think might benefit from the information. 
   
Have a wonderful holiday season and I look forward to working with you all in 2016!

Tracey
Owner/Consultant
763.227.1841

Q&A on Health Care Reporting Requirements
The Affordable Care Act (ACA) passed in 2010 has a number of reporting provisions for employers, many of which are based on the number of full-time employees.  Some of the reporting requirements were postponed and have just gone into effect this year (i.e. forms 1094 & 1095).  Most businesses with less than 50 full-time employees will not be affected by the new requirements, but here are some facts to help you determine if you need to look further into reporting for your business.  
 
NOTE:  These rules are general; there are a number of exceptions, such as if the business is part of a controlled or affiliated group that collectively has at least 50 full-time employees. 
 
Does my business need to report health benefits on the W2s?
  • For now (and until further guidance is issued), if your business filed fewer than 250 W2s in the prior calendar year, you fall under the Small Business Exception will exempts you from having to report the aggregate annual cost of employer-provided coverage on the W2.   The reporting is optional for any business that falls under the Small Business Exception.
 
Does my business need to provide forms 1095-C (Employer-Provided Health Insurance Offer & Coverage) to employees?
  • If your business has fewer than 50 full-time (or full-time equivalent) employees and you are not self-insured, you are not required to file forms 1095-C.
  • If your business is self-insured, then you are required to file forms 1095-B (Health Coverage).  However, you are not required to file 1095-C.
 
What if I have union employees who are covered under their own health plan?
  • You must include your union employees in the number of full-time employees when determining if your business meets the reporting threshold, even if they don't participate in your company-sponsored health plan. 
  • Unions are responsible for providing health care information for covered employees so that you can complete the 1095-C forms.  You will need to contact the union directly to find out how and when the information will be provided.
 
Does QuickBooks have options to print or prepare the 1095 forms?
  • Due to the HR/benefits information needed to complete the forms, Intuit Payroll Services does not support either form.  However, there are a number of reports you can run in QuickBooks to help gather the information you will need to fill out the forms.  Click here for further information on running reports in your version of QuickBooks.

Want more information?  Use the following links to find out more.




If you have questions, contact me for further assistance at 763.227.1841 or email me at Tracey@FirstTierAccounting.com.

First Tier Accounting LLC | Tracey Evans | Lino Lakes | MN | 55014