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ACA Still in Effect - Reporting Deadlines for 2018

(posted: October 2nd, 2017)

ACA Reporting Deadlines


The US Senate has decided not to vote on the Graham-Cassidy bill, the most recent attempt to repeal and replace the Affordable Care Act (ACA), so, despite all the recent attempts to change the ACA in the legislature, the ACA is still the law of the land, and the IRS is still obligated to maintain the current regulations relating to ACA.

As an employer, you simply can't afford to wait to see how things will play out in Congress; the risks are too high--you must continue tracking ACA compliance and preparing for ACA reporting in early 2018.

ACA Reporting Deadlines for 2018

Form 1095-C -- January 31, 2018
This form goes to your employees and is due to them by Wednesday, January 31, 2018. You are still responsible for filing copies of Form 1095-C with the IRS by Wednesday, February 28, 2018 if filing by paper or Monday, April 2, 2018, if filing electronically (same as Form 1094-C).

Form 1095-C helps employees complete their individual tax returns by providing important information regarding their health coverage for the previous calendar year. On Line 61 of individual tax returns, employees must show whether they or their family members had minimum essential coverage.

Employers should report the following on Form 1095-C:

  • Proof of Minimum Essential Coverage (MEC)
  • Employee ID number
  • Social security numbers of the employee and his/her dependants (not spouse).

Form 1094-C--Paper: Feb. 28, 2017 / Electronic: Apr. 2, 2018
Form 1094-C can be thought of as the proof that Applicable Large Employers (ALEs) did what they should according to the IRS and the Employer Shared Responsibility Mandate.

Per the law, ALEs must use Form 1094-C to report required information about whether or not the employer offered affordable minimum essential health coverage and enrollment in minimum essential health coverage for eligible employees. Form 1094-C transmits forms 1095-C to the IRS.

Any ALE filing more than 250 of any type of form MUST file ACA information returns electronically. If you will be filing less than 250 forms, you may file by paper, though the IRS encourages electronic filing.

Keep in mind the reporting deadline to file by paper comes one month before the electronic reporting deadline.

ACA Filing Extensions

In 2018 things go back to normal, with set deadlines and the ability for employers to apply for extensions on a case-by-case basis.

To apply for an extension to file information return forms with the IRS, submit a Form 8809 on or before the due date of the return for an automatic extension. This form does not require a signature. For an additional 30-day extension, the filer or an authorized agent must sign the form.

Penalties

Failure to file complete and accurate Forms 1094-C by the form deadline will result in penalties equal to $250 per form, not to exceed $3 million per year. Failure to file and furnish correct information on Form 1095-C could result in a $500 per form penalty for employers.

Get Started Now!

Unlike other information returns and forms like W-2s, the 1094 and 1095 forms can require information from multiple systems for one annual filing. This means you need to gather tracked information from HR, payroll, benefits, etc. Waiting until the beginning of 2018 to act on ACA tracking and reporting could have you scrambling to meet the deadlines, and you already know that missed deadlines leave your company facing steep financial penalties!

We are here to help! Please Contact Us with your ACA reporting questions and concerns.

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