Part of the Affordable Care Act requires that employers who offer fully insured medical plans perform annual reporting to the IRS. For businesses that file the required documents using paper forms, the deadline was May 31 for 2015 reporting. Most, however, file electronically, and the deadline for these reports is rapidly approaching. (Employers with 250 or more reports to file are required to file electronically.)
Tony Wilson, our friend and colleague who is a Principal with NFP, recently reminded us that now is the time for business owners to make sure this task is attended to promptly, if it has not already been completed. You must submit a completed 1094-C transmittal form along with copies of the 1095-Cs for all affected employees to the IRS in order to meet your ACA filing responsibility.
In many cases, the payroll company or reporting vendor you utilize handles ACA reporting. That’s not always the case though, so it is important for you to find out who is responsible and take the necessary steps in order for your company to remain in compliance with the law. Reach out to your payroll company or the vendor responsible for filing the forms to confirm which method they are using (paper or electronic) and if they will be filing on your behalf or if you will be required to file your data. You also need to confirm that your payroll company/vendor is on track to meet the appropriate deadline, if they will be filing for you. Electronic forms must be submitted by Thursday, June 30th.
Your payroll provider has probably already shared information with you about how to set up electronic filing. If not, there are resources online to help you learn about what is required and access a how-to guide for registering to file electronically. In either case, follow the directions carefully and allow ample time before the deadline to resolve any difficulties. The earlier you complete this process, the better.
If you have questions about the forms or your ACA filing requirements, please reach out to a Sparkmon & Associates professional. We’ll be glad to help.