Your business has probably just completed your year-end filing with the IRS and State, but what about ACA reporting requirements?
As per the IRS, if your business provides health insurance coverage to any individuals, you may be required to complete ACA Forms 1094-B/C and 1095-B/C with the IRS.
Here is an overview of the upcoming deadlines for ACA reporting in 2023.
ACA Forms 1095-B and 1095-C – An Overview
Once you have established whether or not your business is required to file ACA Forms, the next step is determining which forms to file. Here is a quick look at each and who is typically required to file them.
Form 1095-B is generally filed by small employers and other health coverage providers who offer health coverage to employees or any individuals for reporting that information with the IRS annually.
Form 1095-C is filed by Applicable Large Employers (ALE). The IRS defines an ALE as any business that employs 50 or more full-time equivalent employees. Under the Affordable Care Act, employers of this size are required to provide minimum essential coverage to their eligible employees. Therefore, Form 1095-C is designed to capture certain information about the affordability of the coverage offered.
*When filing Form 1095-C, it is required that you complete Form 1094-C. This is a cover page that summarizes the information in 1095-C. If multiple Forms 1094-C are filed, at least one of them must be marked as the authoritative transmittal.
When are the deadlines to file ACA Forms?
There are a few different deadlines that employers must keep track of when it comes to their annual ACA reporting.
The deadline to file paper copies of ACA forms with the IRS is February 28, 2023.
The deadline to distribute recipient copies of ACA forms to their employees/ recipients is March 2, 2023.
*Remember, if you are planning to file more than 250 ACA forms with the IRS, you are automatically required to file them electronically.
Simplify your ACA Reporting Process with TaxBandits
TaxBandits offers a streamlined option for completing, e-filing with the IRS and state(s), and recipient copy distribution.
The TaxBandits application offers bulk upload templates to help you import form information and file in bulk. There is a built-in audit check that reviews your forms using the IRS Business Rules to prevent common filing errors.
With TaxBandits, you can also distribute your recipient copies of Form 1095 easily and efficiently. Choose postal mailing, and TaxBandits will print and mail all of your copies on your behalf. Online Access is available if you would like to go paperless and give your recipients access to view and download their ACA forms through our secure portal.
If you are seeking a complete solution for your ACA reporting that includes code generation. Check out our sister product, ACAwise, their team can generate ACA codes for 1095-C lines 14 and 16 based on your payroll and employment data.
With the recipient copy deadline less than a month away, now is the time to get started!
Create your free TaxBandits account to get started today!