It can sneak up on employers quickly. Today is the IRS deadline for employers to provide paper filings of forms 1094-C and 1095-C as part of the required ACA information filing for the 2017 tax year.
Other dates are fast approaching!
| March 2, 2018 | Deadline to furnish 1095-C schedules to employees (extended from January 31) |
| April 2, 2018 | Deadline to file 1094-C/1095-C schedules if electronic filing |
| July 31, 2018 | Form 720 (PCORI) due from self-insured plans (includes self-insured employers) |
Organizations (including certain of their related entities) with 50 or more full-time or full-time equivalent employees, referred to as Applicable Large Employers (ALE’s), are required to make annual information filings with the IRS under sections 4980H and 6056 of the Internal Revenue Code.
Under Section 6056, ALE’s are required to file information returns with the IRS to identify whether they offered health coverage to their full-time employees (and their dependents) and information about the offer of coverage. This is done using IRS forms 1094-C and 1095-C. ALEs must also provide a copy of the information in Form 1095-C to their full-time employees, including to any person employed full-time for one or more month of the reporting year.
Form 1094-C summarizes the ALE’s 1095-C information returns. It includes:
· ALE’s address, phone number, employer identification number
· Numbers of full-time and total employees
· Contact person
· How many 1095-C forms are being submitted
Form 1095-C is seeking confirmation as to whether health coverage was offered to 95% of the ALE’s full-time employees and their dependents. They are provided to the IRS and copies are also provided to each full-time employee. The form includes:
· Healthcare coverage offered to the employee
· Lowest-cost premium available to the employee
· Months of the year when the coverage was available
Knowing that some of you may be feeling the stress of the season, The ACA Times you covered with this ACA Resource Center that can be accessed by clicking here.
Here are some of the resources available:
· The Essential ACA Guide for Employers, 2018 Edition: An overview of the ACA employer mandate and how to comply with it.
· ACA 101 Toolkit: Deadlines and information on how to prepare Affordable Care Act Information Returns (AIRS) for 2017 submitted to the IRS.
· ACA Interactive Compliance Tool: Organizations can receive insights and answers to help their ACA compliance practices.
· ACA Ask and Answer: Interactive question-and-answer resource through which business owners and professionals can ask questions about the ACA and receive responses from First Capitol ACA experts.
· IRS Letter 226J: Includes an infographic and other information on how to respond to IRS Letter 226J tax penalty notices.
We hope the information we provide through the ACA Resource Center will assist organizations in improving the processes they use to develop their IRS filings for 2017 to avoid incurring tax penalties, as well as answer any questions they have about the current state of the ACA.
Happy filing season!
