Updated Q&As for Compliance & Reporting
Last month the IRS issued an updated compilation of questions and answers as an online guide for how employers are required to comply and report in accordance with the Patient Protection and Affordable Care Act (ACA).
The Q&As address information regarding reporting by large employers (and self-insured employers of all sizes) on Forms 1094c and 1095c. Form 1095c statements are required to be issued to individuals by March 2, 2017, and employers must file a transmittal (Form 1094) together with copies of all 1095 forms by February 28, 2017 (filing on paper) or March 31, 2017 (filing electronically). IRS fines are still in place for late filings.
Notification of Fines
With the impending deadlines and “repeal and replace” no where in sight for the present, the information with the updated Q&As indicate the IRS will begin sending notifications early this year regarding potential employer fines associated with the 2015 ACA reporting year.
Only days way from the reporting deadlines for 2016, ACA-Track™ is still accepting clients who have an IRS-ready XML file for E-filing. Click here for more information.