The Deadline to E-file ACA Forms for 2022 is Approaching!

Act now to avoid IRS penalties!

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. 

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. 

For an overview of Forms 1094/1095 and tips for getting started, keep reading!

What are the Deadlines for ACA Reporting? 

There are a few main deadlines that employers must follow in order to achieve IRS compliance. 

The first deadline is the recipient copy deadline. This deadline was March 2, 2022. 

The deadline for employers to file paper copies of Forms 1095-B/C with the IRS is February 28, 2022.

The deadline to file Forms 1095-C and 1095-B electronically with the IRS is March 31, 2022. Remember, if you are filing over 250 forms, you are required to file electronically regardless. 

Who is Required to File Forms 1095-B/C?

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. 

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

What Information is Required to File Forms 1095-B/C? 

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

Form 1095-C is generally filed by Applicable Large Employers (ALE). These are employers with 50 or more full-time and full-time equivalent employees.

In the form the employer will need to provide information about the coverage, this includes what the employee paid towards the health insurance when the employee was covered, and if the employee’s spouse and/or dependents were also covered. 

Form 1095-B is generally filed by insurance providers and employers that offer self-funded health insurance coverage to their employees. Similar information is captured on this form. 

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. 

The deadlines are the same for each of these forms (March 31, 2022). 

E-file Easily with TaxBandits

With the deadline approaching, now is the time to make sure your business’ ACA 1095 reporting is in place. 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. 

Are you unable to meet the March 31, 2022 deadline? That’s alright! With TaxBandits you can file an extension Form 8809.

This is an automatic extension that will allow you 30 additional days to complete your 1095 reporting with the IRS. Just remember, you must request your extension by midnight on March 31st!

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. To learn more, click here.

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