ACA REPORTING DEADLINES LOOM, ARE YOU READY TO REPORT?
There seem to be some uncertainties with healthcare in America.
Employers are asking about the Affordable Care Act and their responsibilities. As the GOP continues to make efforts to repeal (and possibly replace) the ACA, the current rules remain in place. The IRS is still moving forward with ACA reporting on the 2017 tax year with 2018 deadlines. As an employer, you cannot afford to wait to see how things play out in Congress. The risks are too high. Employers must continue tracking ACA compliance and be prepared for ACA reporting in 2018.
To address some confusion many employers have had surrounding ACA reporting deadlines, we’re giving you the dates Human Resources needs to know about ACA reporting deadlines in 2018.
Unlike other information returns and forms like W-2s, the 1094 and 1095 forms can require information from multiple systems of record for one annual filing. This means employers need to gather tracked information from HR, payroll, benefits, etc. Waiting until the beginning of 2018 to act on ACA tracking and reporting could leave your company facing steep financial penalties.
GET A HEAD START ON ACA REPORTING FOR 2018:
- Determine if your business qualifies as an ALE according to the Affordable Care Act and Employer Mandate.
- Ensure the correct systems are in place for accurate ACA reporting and compliance for your business. Do you have the right tools for tracking and documenting employee status, benefits eligibility, and benefits enrollment?
- Review the IRS reporting information page for Form 1094 and Form 1095 instructions and updates. Review additional instructions for employers for Form 1094-C and Form 1095-C.