The ACA Lives – Its Reporting and Filing Requirements Do Too

With the collapse of the Graham-Cassidy healthcare bill, senate GOP leaders find themselves back at the drawing board in their attempts to repeal the Affordable Care Act. While, technically, a repeal is still possible in 2017, the odds of success are incredibly slim. As a result, compliance with the ACA’s reporting and filing requirements is still necessary.

The requirements laid out by the ACA are rigorous and complex: an information return must be prepared for each applicable employee, and these returns must be filed with the IRS using a single transmittal form (Form 1094-B & 1095-B or Form 1094-C & 1095-C). Failure to file or report correctly will result in heavy fines – up to $250 per return for late, incomplete, or incorrect forms. In addition to filing reports with the IRS, the ACA requires employers to provide certain forms to employees, similar to the existing W-2 reporting requirements. It is important for employers to be aware that the penalties apply separately to both requirements. For example, a failure to file a Form 1095-C with the IRS and a failure to furnish the same Form 1095-C to the employee will result in two penalties of $250 each, or $500 per affected employee.

Immense damage can be done to businesses that fail to comply, but BASIC offers a solution that will keep your business safe. Our ACA Elevate service is an invaluable tool in navigating the reporting and filing process. With our 24/7 cloud-based portal, clients have the ability to simply upload our MS Excel workbook and gain access to a team of Compliance experts for support. The ACA Elevate portal will then generate the pertinent forms and file electronically directly to the IRS. Compliance has been our specialty since we opened 28 years ago; we ameliorate the burden of complex processes like these and give you the freedom to focus on the things you love about running your business.

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For larger employers that have the internal resources to code and gather all the necessary data on their own, check out our new self-admin ACA filing service, BASIC ACA Transact. ACA Transact gives large employers the ability to create the applicable forms, eFile and distribute to employees through our proprietary and intuitive software. If you have over 500 employees and the internal support needed to complete our workbook on your own, this lower cost solution is for you. Request a Proposal to Learn More about ACA Transact Today!