IRS Code 1094C-066-01 is issued to employers who report incorrect information regarding the measurement periods used to determine employee eligibility for health coverage under the Affordable Care Act (ACA).
Significance of Accurate Measurement Period Reporting
Correct measurement period information is crucial for the IRS to assess whether employers are properly determining employee eligibility for health coverage as required by the ACA. Errors in this reporting can lead to compliance issues and potential penalties.
Correcting Errors in Measurement Period Reporting
- Identify the incorrect measurement period details reported on your Form 1094-C.
- Gather accurate measurement period data as per the ACA guidelines and your company’s policy.
- Amend your Form 1094-C with the correct information and resubmit it to the IRS to ensure compliance.
Preventing Future Errors
To avoid errors in measurement period reporting in the future:
- Ensure that your HR and compliance teams are fully trained and updated on ACA requirements related to measurement periods.
- Regularly review your measurement period calculations and records for accuracy.
- Utilize ACA compliance software that can help accurately track and report measurement periods.
Getting Additional Help
If you need further assistance with correcting measurement period information or understanding other ACA compliance aspects, visit ACA Track’s FAQ page or consult with an ACA compliance expert.
