IRS Releases New Affordable Care Act Reporting Requirements for Employers
Recently, the IRS released the final reporting requirements for employers to monitor their compliance with the Affordable Care Act.
Employers who have 50 or more full time employees or full time equivalent employees are required to file the new forms in 2016 for the 2015 tax year.
The new Affordable Care Act forms may look simple in appearance, but they require extensive record-keeping to complete properly.
- Form 1095-C: Employer Provided Health Insurance Offer and Coverage, to be filed by employers to verify their compliance with the employer “shared responsibility” mandate and adequate coverage for employers.
- Form 1094-C: Transmittal of Employer Provided Health Insurance Offer and Coverage Information Returns, which provides a summary to the IRS of aggregate employer-level data.
To learn more about the forms, view the IRS’ summary of understanding employer requirements of the health care law here.
The Affordable Care Act rules revolve around precisely tracking employee ‘hours of service.’ While this can be tricky, especially with a distributed workforce, it’s what we do best. We’ve developed the Affordable Care Act Toolkit to help you stay in control of your workforce and ensure compliance with ACA requirements.