IRS Code 1094C-067-01 concerns errors in the reporting of stability period information on Form 1094-C. Accurate stability period details are essential for ensuring compliance with the Affordable Care Act (ACA) employer mandates.
Understanding Stability Period Reporting
The stability period is the time during which an employer must maintain health coverage for employees based on their average hours worked during a prior measurement period. Incorrect reporting of this period can lead to misjudgments in compliance and potentially result in penalties.
How to Correct Stability Period Errors
- Review the stability period information that was reported to identify any inaccuracies.
- Update the information to reflect the correct stability periods as per ACA guidelines and your organization’s health coverage policy.
- Amend your Form 1094-C with the corrected details and submit the update to the IRS promptly.
Preventing Future Reporting Errors
To avoid future reporting errors related to stability periods:
- Keep thorough records of all calculation periods and corresponding stability periods as required by the ACA.
- Ensure that all personnel involved in ACA reporting are well-informed about the rules governing stability periods.
- Invest in reliable ACA compliance software that can help monitor and report stability periods accurately.
Where to Get Additional Help
If you encounter challenges with stability period reporting or need further clarification on ACA compliance requirements, consider visiting ACA Track’s FAQ page or consulting with a compliance expert.
