Who Form 1094 B Blog 2023-2024

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, including 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 go beyond finding a suitable group health plan. There are, in fact, two levels of ACA compliance for employers. The 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 the 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 employee's hours of service. This includes exempt employees in addition...