Video instructions and help with filling out and completing Why Form 1094 B Essential

Instructions and Help about Why Form 1094 B Essential

Good afternoon and welcome to the employer link webinar series presented by Mac in town my name is Brad nice managing editor employer lane today we'll be discussing the next big compliance challenge with the Affordable Care Act and that is new reporting requirements for employers set to go into effect for the upcoming calendar year our presenters today we'll discuss what steps employers need to be taking right now to get ready our presenters today are McAfee intact employee benefits attorneys Brandon long and Barbra Klepper both work with employers of all sizes and designing analyzing and implementing cost containment strategies for company sponsored health and wellness plan their areas of expertise also extend retirement plan design deferred compensation Cobra and HIPAA compliance and the representation of clients and audits and investigations by the IRS and US Department of Labor they are both frequent authors and speakers on employee benefits issues for state regional and national audiences Brandon also serves as practice group leader for the firm's employee benefits group so with those introductions on I'll turn it over to you good afternoon and thanks again for for joining us today you know before this webinar Barbara and I were looking over the kind of the registration list of the folks on this this call today and you know from the list we can tell there are a lot of folks that we've been working with on the player pay rules helping to identify full-time employees track hours measuring periods all of those crazy rules that we talked about before we've already done a webinar on that for some time we've kind of been saying and throwing out there that of equal importance to employers equal to the player pay rules and identifying your full-time employees one other topic that is of equal importance is the employer reporting requirements we have largely we as the benefits community largely ignored up until now and the reason is is because they didn't issue final regs until just a few months ago on these reporting requirements but if you think about it the Affordable Care Act kind of it has what will describe as some carrots and some sticks to help employers and individuals decide whether or not to have coverage and whether or not to offer coverage you know the kind of a carrot side of the equation they've got tax credits that they will give individuals who meet certain income levels and don't have coverage available to them through other means on the stick side of the equation you've got the individual mandate that requires individuals to have coverage or pay a penalty and then you also have the employer mandate which punishes employers who certain large employers who fail to offer coverage or certain levels of coverage and today our webinar is going to focus on how the IRS is going to administer the the stick side of the equation here so that they can compare individual tax returns with the information that they received from employers and determine uh who to assess penalties on including employers uh employers for those of you on this call we really need to be prepared and need to start working now to be able to defend any assessments that might come in the future again we've kind of put this off as long as we can but I imagine you know the time that we spent think about the time we spent for with most of you in the last six months year or even longer talking about identifying full-time employees going forward I think we will spend a significant amount of time maybe the same amount of time or similar amount of time helping you to comply with these crazy rules uh you know the reporting that will be required that we're going to talk about today uh will likely require you to pull information that is housed in different systems I'm not an a computer guy uh other than I know how to call the firm's help desk um but i i i i do have a sense they a lot of the information for exist may be in different places the information you will need ultimately to to report to the IRS into the individual employees for example your HR department might uh have information about who is offered health coverage when they were offered the coverage which months and what they were charged your payroll uh system may have the information regarding the hours worked uh and then there may be a information that you don't currently have for example uh you may not currently have the social security number of your employees spouses and their dependents and that will be information that you will need to comply with a piece of these reporting requirements we will talk about today so you may have to pull information from that you keep separately right now from for example HR payroll and even new data and kind of gather that all into one report and combine it in a way that you can report to the IRS since the individual going forward and so really this discussion today will help you kind of identify what we're talking about here what these rules require and then conceptually you know I would encourage you as you kind of start wading into this as you have on the player pay a full time employee stuff I would encourage you you know reach out to us with questions but also to get with your IT and payroll folks and you know kind of start working as a task force to to make sure that you're able to capture the data that you're going to need not only to report but also to defend yourself if uh the IRS tries to assess the penalty on you okay uh when will Affordable Care Act reporting be required the first year will be 2015 if you