Meet your Extended ACA Deadline for the 2023 Tax Year with TaxBandits!

If you filed an 8809 on April 1st, today is your extended deadline!

Stephanie Glanville | April 30, 2024 | Read time: 4 minute(s) | ACA Forms, Deadline | No Comments

March is a busy month for businesses and tax professionals, there are many deadlines to stay ahead of. One of the most challenging deadlines in March is the deadline to file ACA forms electronically with the IRS.

This is why many businesses choose to file an 8809 Extension for the 1095 e-file deadline.

ACA reporting is a complex process that certain business entities are required to complete each year. If your business is required to file, now is the time to focus on meeting this deadline.

Like all good things, the 8809 extension comes to an end. Since today is the ACA e-file deadline for businesses that requested a 30-day extension, here is an overview of the TaxBandits solution for e-filing ACA Forms with the IRS.

What are Forms 1095-B and 1095-C?

Both Form 1095-B and Form 1095-C are used to report information related to health insurance that an employer or provider offers to individuals.

All applicable large employers (ALE) are required to file with both the IRS and supply their employees with recipient copies. An ALE is defined as having 50 or more full-time or full-time equivalent employees. These employers are typically required to complete and file Form 1095-C.

Any sponsor of health insurance coverage plans should participate in ACA reporting. Employers offering self-funded coverage to their employees are also required to file ACA forms. These self-funded employers and other providers are generally required to file Form 1095-B.

Why does the IRS Require ACA Forms 1095?

The IRS uses the information on these forms to verify that the employer or provider is offering coverage that is both affordable and acceptable in terms of value.

Some examples of the information required on 1095 forms are,

The employee that was covered
Their address, which can be used to help determine affordability
Any spouse or dependents that were covered by the health insurance plan
When the offer of coverage was made
Whether or not the offer was accepted
How many months of the year the individual(s) were covered
What the employer contributed to the health insurance coverage
What the employee contributed to the health insurance coverage

Simplified ACA E-filing Powered by TaxBandits

If your business filed an 8809 this March to extend the deadline to file ACA Forms, and you are still searching for a solution, look no further than TaxBandits.

With TaxBandits, the e-filing process is simple and streamlined. With bulk upload options for uploading employee information and a print and mail solution for recipient copies, the process doesn’t need to be overwhelming.

TaxBandits helps ensure that you file accurate forms by auditing the 1095s using the IRS Business Rules. This catches common errors that could lead to rejections from the IRS, or even worse, penalties for failing to provide accurate information.

If you are seeking a full-service solution for your ACA Reporting, be sure to check out our sister product, ACAwise. The ACAwise team can generate your 1095 codes, e-file your forms with the IRS and state, and more.