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

Instructions and Help about Who Form 1094 B Tracker

Hello and welcome to prime phase AC a compliance navigator today we will focus on the 1094 1095 reporting tool the Affordable Care Act reporting obligations are now required for all applicable large employers these are employers generally with 50 or more full-time employees and or equivalents and it includes small employers that offer self-funded medical coverage the reporting obligations are satisfied by those eligible employers completing forms 1094 and 1095 do you know where to start are you aware of the required data needed for each form and where you can find it it might reside with you but your benefits broker and insurance carrier can assist you with much of this information introducing the ACA compliance navigator it provides a comprehensive flexible and compliant reporting tool that will prepare furnish and file the required 1094 and 1095 forms on behalf of our clients data entered by you or in conjunction with prime pays payroll integration will automatically populate forms 1094 and 1095 for you but let's take a moment and view what information is needed to create these forms if you are an eligible employer that offers fully insured medical coverage self-funded medical coverage or in the case of an applicable large employer no medical coverage at all once the required data is entered into the navigator it will create each 1095 see or 1095 be statement for each of your eligible employees which can also include your retirees or Cobra beneficiaries at the end of the calendar year you will verify and confirm that the data inputted into the Navigator is accurate once confirmed prime pay will prepare the 1095 forms on your behalf let's look at an example of a 1095 see as you can see the general information for basal surely in part one has been entered along with the applicable large employer information this part contains basic information on the employee and the employer let's move on to part two within the data contained in the navigator part two is easily completed and includes what type of coverage that the applicable large employer offered to its employees on line fourteen remember that this reflects the employers offer of coverage and not necessarily what this particular employee elected line 15 reflects the employee contribution to the lowest cost monthly self-only premium that provided minimum value coverage please note that this reflects the employee contribution and not the total premium amount in line 16 reflects the applicable safe harbor code that applies to the employer the series two codes are used in this section and they vary from code to a which is that this employee was not employed during the month to code to I which states that non calendar year relief applies to this employee the definitions of these codes can be found directly within the instructions for 1094 and 1095 part 3 is completed only if this applicable large employer was providing self-funded medical coverage part 3 includes those that were also covered in addition to the employee such as the spouse and dependents information in this section will include all the names of the covered individuals their social security numbers the date of birth if the social security number is not available and checking the boxes to state the months of coverage throughout the calendar year the 1095 c and 1095 b which is used by small non-applicable large employers must be furnished to all eligible employees by the end of January each year prime pay will ship all forms directly to each employer for distribution to the employees the reporting tool also provides the informational return that is required to be filed with the IRS this requirement can be fulfilled with using form 1094 see form 1094 c is all about the employer it ask questions who are you who are the main contacts if the IRS needs to call how many 1095 see forms will you be submitting with this form these are all the questions asked in part 1 part 2 requires information on if you're an employer that is part of a commonly controlled group or an aggregated group checking yes will require additional information in part for which I will talk about later part 2 also requires any certifications of eligibility that apply based on the offer of coverage that you make it is important that you review our ACA compliance navigator setup guides and the IRS Form 1094 instructions to gain more insight and definition of these specific certifications part 3 requires very important data that you will need to confirm column a did you offer minimum essential coverage to your employees column B provide your full time employee count each month column C your total employee count column D state if you were part of an aggregated group throughout that year and month and column e state whether any transition relief might apply to you in this return year as you can see this area contains comprehensive information and it can be easily populated with the help of the ACA compliance navigator lastly part 4 would be completed only if you are part of an aggregated group and you would list the names of the affiliated members of your group and their specific ein forms 1094 will be filed electronically on your behalf by the end of March which is the electronic filing deadline small employers with with less than 50 employees and offering self-funded medical coverage will be furnished statements to eligible employees on Form 1095 be and the filing on Form 1094 be so are you worried about fulfilling these very arduous and administrative requirements with prime phase AC a compliance navigator we will remove the burden of preparing and furnishing the employee statements and ensuring that your filing is done accurately and on time it is that simple you can find out more details on prime phase AC a compliance navigator solution by visiting w WP RN Paycom additional tools resources