What happens if you don’t have all of your materials prepared and you miss the deadline? Major penalties! ACA might not get repealed, so it’s best to go ahead and get ready to file with the help of ExpressTaxFilings and ACAwise.
Important ACA Prep
Part of being prepared to file is knowing who has to file, what to file, and what information is required to complete the form. Under the ACA mandate ALEs, or Applicable Large Employers, with 50 or more full-time employees are required to offer health coverage that meets the bare minimum requirements to their full-time workers.
If a health coverage plan meets the minimum requirements then it will be considered affordable. It must be designed to pay at least 60% of the total cost of medical services for a standard population. Also, its benefits must include substantial coverage of physician and inpatient hospital services.
As an ALE with 50 or more full-time employees, you will need to file Form 1095-C. If you have less than 50 full-time employees then you will need to complete Form 1095-B. The purpose of these forms is to provide the IRS with an annual statement that reports on the health care coverage offered and ACA compliance of your business.
Form 1094-C is a transmittal form that contains the details employees. It’s sent to the IRS with Form 1095-C, but it is not sent to the employees.
In order to complete 1094-C and 1095-B you will need:
- Information for each of your covered individuals including their name, address, and SSN/TIN.
- The information for your plan provider, such as their name, address, EIN, and contact information.
- If you have a self-insured group health plan include the plan sponsor’s information, including their name, address, EIN, and contact info.
- The offer of coverage code for each recipient/employee, broken down by month.
- The recipient/employee premium share of coverage for each month.
- Any and all safe harbor codes, if applicable.
- The spouse and dependent(s) information of the covered individual, if applicable, including their name, SSN or DOB, and months covered.
ACA Filing Deadlines
In order to meet the ACA reporting deadlines, you need to provide employees/recipients with copies of forms 1095-B or 1095-C by January 31st, 2018. If you plan on paper filing these forms then they are due to the IRS by February 28th, 2018 and the e-filing deadline is March 31, 2018.
Plan how you’ll file these forms and provide your employees with copies. ExpressTaxFilings and ACAwise both have printing centers that you can use to have them print your ACA forms and mail them to your recipients.
If you’re concerned that you may not know how to file, fear not! ExpressTaxFilings offers a step-by-step filing system that will help you complete your forms and transmit them to the IRS in a matter of minutes. However, ExpressTaxFilings’s sister, ACAwise is actually a full-service ACA provider.
ACAwise handles all of the complicated ACA tasks for you by tracking your business all year to make sure it stays in compliance. ACAwise also generates your required ACA codes for you while e-filing has a built-in error check to catch mistakes and more.
ACA can be confusing and intimidating, but the dedicated, US-based ExpressTaxFilings team is here to make sure that it’s not. We will assist you with any step of the ACA filing process.
Give us a call Monday – Friday from 9 AM to 6 PM EST at 704.684.4751. You can also reach us via live chat and take advantage of our 24/7 email support at support@ExpressTaxFilings.com.