There are several deadlines employers need to meet to stay compliant with The Affordable Care Act (ACA). One of the most important is the March 31 deadline for employers to file Forms 1094-C and 1095-C with the IRS.
Applicable Large Employers (ALEs) with 50 or more FTEs must file Forms 1094-C and 1095-C electronically with the IRS by March 31. Employers who fail to file Forms 1094-C and 1095-C by the deadline may be subject a penalty of $280 per form.
Throughout the year you need to monitor your employee’s ACA Status, which determines if an offer of healthcare coverage is required. This may require your payroll data to be aggregated there are multiple companies or locations with the same owners. Staying aware of everyone’s ACA Status and offering coverage to your full-time employees (30 hours for ACA) simplifies the filing process.
Here are some tips for employers to help them meet the ACA March 31 deadline:
Finish gathering the information you need to file Forms 1094-C and 1095-C.
Make sure you have all the necessary employee information, including correct Social Security numbers and employer identification numbers.
Review you Lowest Cost Plan (LCP) and Safe Harbors.
Generate and distribute the 1095 forms to your employees.
Complete the e-filing steps to submit your 1094s and 1095s to the IRS AIRS system.
How can you meet the deadline?
Automate your process. One of the benefits of automating ACA reporting is that it can save time and resources for employers who have to comply with the ACA requirements. Our platform, ACA Reporter, can help employers avoid errors, penalties, and audits by ensuring that they submit accurate and timely information to the IRS and their employees.
Reduce the administrative burden and cost of managing complex data from multiple sources, such as payroll, benefits, and HR systems, through a streamlined reporting process with ACA Reporter. By automating ACA reporting, employers can focus on their core business activities and improve their employee satisfaction and retention.