Music, I'm sure you're all familiar with the Affordable Care Act's employer shared responsibility requirements. - We may see some relief from those rules and/or the reporting requirements later this year. - However, until we do, what should employers do now? - Well, employers need to continue moving forward with their reporting. - The deadline has been extended to March 2nd for providing the individual statements (forms 1095 B and C). - Employers also need to file their 1094 S and 1095 s with the IRS by February 28th if they're filing by paper or April 2nd if they're filing electronically. - The IRS has extended their good faith standard for 2017 reporting. - There are some employers who have received assessment letters for 2015 from the IRS. - These assessments, from what we've seen, appear to be due to errors in reporting, not because an employer failed to provide the correct coverage or coverage to enough employees. - With the exception of some small employers who may have simply not understood the rules. - So, what's the takeaway for employers? - They really need to focus on accuracy. - They need to be careful when gathering data and completing forms. - If the forms are not accurate, they may receive a penalty assessment letter from the IRS at a later date.
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