Yes, you heard it right, today is the deadline to distribute copies of Affordable Care Act Forms 1095. If you haven’t finished filing your forms yet, or if you haven’t begun the process, the sooner the better.
Here are some last-minute tips to help you get back on track with your ACA reporting.
What is Affordable Care Act Reporting?
First things first, the Affordable Care Act was introduced to help ensure that all Americans had access to affordable, quality health insurance coverage. With this legislation, came new IRS filing requirements beginning in 2015.
Employers and insurance providers that offer health insurance coverage to any individuals are required to complete ACA Forms 1094-B/C and 1095-B/C with the IRS.
Employers with 50 or more full-time equivalent employees are required to file Form
What are the ACA Forms?
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.
It is also important to note that Forms 1094-B/C are also required when filing ACA Forms 1095, whether you are paper filing or filing electronically. These forms are a summary of the information contained in the 1095 forms. When e-filing, Form 1094 is used as the authoritative transmittal.
What is the deadline for E-filing with the IRS?
While you are aware that today is the deadline to distribute copies of 1095 forms to recipients, the deadline to electronically file these forms with the IRS is March 31, 2023.
If you aren’t able to meet today’s deadline, it is crucial to meet the deadline for e-filing, as failure to do so may result in further IRS penalties.
Not sure where to start when it comes to completing these forms? Don’t worry TaxBandits is here with a streamlined e-filing solution to help you!
Streamline ACA E-filing with TaxBandits!
TaxBandits offers a self-service 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 your business decides that you need a full-service ACA reporting provider 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 raw data.
Create your free TaxBandits account to get started today!