IRS Code 1094C-065 addresses errors related to incorrectly reported waiver information on Form 1094-C. Waivers are crucial for determining an employer’s compliance with the Affordable Care Act (ACA) regarding the offer of coverage.
Impact of Incorrect Waiver Reporting
Incorrectly reporting waiver information can misrepresent an employer’s efforts to comply with the ACA, potentially leading to erroneous penalty assessments.
Correcting Waiver Reporting Errors
- Review the waiver information reported on your Form 1094-C to identify any inaccuracies.
- Gather accurate details about the waivers provided to employees, including dates and reasons for the waivers.
- Amend your Form 1094-C with the correct information and submit the updated form to the IRS.
Best Practices for Waiver Reporting
To ensure accurate reporting of waivers in the future:
- Maintain detailed records of all waivers offered to employees, including documentation supporting the reasons for each waiver.
- Train your HR team on the importance of accurate waiver reporting and the implications of ACA compliance.
- Implement ACA compliance software that includes features for tracking and reporting waivers accurately.
Getting Help
If you need further assistance with waiver reporting or any other aspects of ACA compliance, consider visiting ACA Track’s FAQ page or consulting with an expert in ACA regulations.
