Everything you need to know about ACA Reporting Compliance

What is the ACA(Affordable Care Act) Timeline or deadline for submission of the 1094 and 1095 forms?

According to an IRS publication here are the due dates you should put on your calendar. You will meet the requirement to file if the form is properly addressed and mailed on or before the due date.

  • Forms 1095-B and 1095-C are due to individuals by Feb. 1, 2016.
  • Forms 1094-B, 1095-B, 1094-C and 1095-C are required to be filed with the IRS by Feb. 29, 2016 if filing on paper, or March 31, 2016, if filing electronically.

What should you being doing now regarding the ACA(Affordable Care Act) requirements?

  • Modeling
  • Determine Your Cost to pay or play
  • Plan affordability
  • Budgeting for ACA Costs
  • Eligibility
  • Who is eligible
  • When are they eligible
  • Compliance
  • Offering benefits – right employees, right time
  • IRS Reporting

All of your questions regarding the above points can be answered by reading the following IRS publication noted below.
https://www.irs.gov/Affordable-Care-Act/Employers/Questions-and-Answers-on-Employer-Shared-Responsibility-Provisions-Under-the-Affordable-Care-Act

What is the ACA(Affordable Care Act) Employer Mandate?

  • It went into effect for employers with 100+ Full-Time Employee’s (FTE’s) already
  • Instead of offering compliant coverage to 95% of full-time workforce, employers will only need to make an offer to 70% in 2015; 95% in 2016
  • 50-99 FTE employers; compliance was delayed until February 2016

What are you required to report to your employee’s regarding ACA(Affordable Care Act) compliance?

  • Section 6055 report
    “Minimum essential coverage” to the IRS; you must notify all covered individuals about this coverage.
  • Section 6056
    Requires employers with over 50 FTE’s to report on coverage offered to employees.
  • Reporting compliance due in 2016 for 2015 payroll year information.
    Additional penalties are levied for failure to comply with these requirements.

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What Data is needed for the ACA(Affordable Care Act) 1094 and 1095 forms?

HR Data

  • Dates of Hire
  • Termination Dates
  • Date of Birth
  • FT Status Date
  • State of Residency
  • Jury Duty
  • FMLA
  • Start and End Dates of Leaves
  • Intermitent FMLA

Payroll Data

  • Hours Worked and Paid
  • Hours Worked and Not Paid
  • Payroll Periods Start and End Dates
  • Hourly Rate of Pay
  • Rate of Pay Effective Date

Benefits Data

  • Proof of Offering
  • Employee Cost by Plan
  • Enrollment Status
  • Plan Funding
  • Dependent Enrollment

How is Tandem Technologies and Sage 300 helping?

Affordable Care Act - My workforce Analyzer

  • In-house Installation (free subscription until February 29, 2016 for Sage 300 clients running Sage 300 2016 version)
  • Completely automated 1094 and 1095 Reporting if you have Sage HRMS.
  • Entry of some data required on 1094 and 1095 if you have Sage 300 2016
  • License, Support and Maintenance Pricing available by calling 866-392-6132