Video instructions and help with filling out and completing Who Form 1094 B Blog

Instructions and Help about Who Form 1094 B Blog

Now that you have done the headcount calculations for last year's workforce and know for sure that you're in a le or an applicable large employer you know the Affordable Care Act applies to you so what does that mean what are the requirements what do you have to do to meet those requirements and when do you have to do them all ACA compliance efforts Center on two words monthly data a monthly view of your data payroll data and benefits data is key in decision making for ACA compliance let's talk about the compliance requirements that these important monthly views of your data are for employer responsibilities under the Affordable Care Act goes beyond finding a suitable group health plan there are in fact two levels of ACA compliance for employers first level is offering the right coverage to the right employees at the right time the second level is documenting for these employees and the IRS that you did offer what you were supposed to offer and you did so when you were supposed to do so the first level is called the coverage mandate you may hear this requirement referred to in terms of the IRS form that the ACA created the 1095-c to comply at both levels you need to find ways of getting at your data monthly in order to know who you should make an offer to when you should make that offer and whether cost of that offer fits within the affordability guidelines for each of your eligible employees now that you know more about what the requirements are what do you need to do to meet them and when the law requires continuous and accurate recording of every employees hours of service every means exempt employees in addition to non-exempt employees the only exceptions the ACA allows for our students on a work-study program and members of a religious order that have taken a vow of poverty to be compliant with the requirement that no service hour be left behind you have to find ways of recording hours that are not captured on a time clock when an employee's service hours reach 103 in any month of a calendar year he or she is considered full-time and eligible for employer sponsored health insurance as we've said monthly tracking is key to ACA compliance because penalties for non-compliance with the coverage mandate are significant and will be assessed monthly it's the best practice to monitor your payroll and benefits data monthly in order to make coverage decisions proactively the takeaway here is that all changes in eligibility and affordability are calls to action and every action and data leading to the decision for it must be documented your monthly reports should become your system of record for ACA decision-making let's translate this to the yearly reporting at your end you'll have to prove to the IRS what you have or have not been offering all year long with respect to health benefits you must provide a 1095-c form to every full-time employee and send copies of all year 1095 C's rolled up in their transmittal form 1094 C to the IRS this is a requirement for all applicable large employers including employers choosing a pay strategy which means accepting a penalty for not offering coverage to eligible employees and employers offering compliant coverage to all employees at no cost to any employee the monthly data being tracked in the current tax year will be populating ACA forms that will be due on these deadlines dates that are the same as those for w-2 forms now the IRS may send those deadlines so stay tuned by reading our blogs the penalties for ACA non-compliance can add up very quickly and the non filing penalty for not filing a 1095 C stands regardless of whether the employer mandate is enforced or not it is similar to the penalties for not sending out a w-2 do not delay in connecting with other departments and professional advisors about choices and strategies for ACA compliance this compliance burden should not fall solely on the shoulders of a person who drew the short straw choices about benefits workforce decisions and employee communications must be made collaboratively and with respective guidance from an insurance broker and a lawyer who specializes in employment law soon as possible here's a link with more resources for you such as blog posts more educational videos and easy ACA to do checklist an e-book with much more information and IRS resources so you can fact check the guidance for giving thank you for joining us we hope you found this presentation informative please make sure to check all our educational resources on the Affordable Care Act and as always let us know how else we can help you thank you Music