Many aspects of health care reform have been divisive issues for years, but this election cycle once again brought health care to the forefront of Americans’ minds. Some look at the election of Donald Trump as evidence that half the nation is behind his calls to repeal and replace the Affordable Care Act (ACA)—but is this actually true?
On Friday, Nov. 18, the IRS released Notice 2016-70, which automatically extends the deadline for 1095 employee fulfillment by 30 days, and also reinstitutes the “good faith effort” standard that applied last year. Though this announcement essentially extends the same benefits employers were granted last year, the extension is shorter and does not apply to the filing deadlines.
After a long election cycle and a seemingly longer night, the country finally has a President-elect. On Jan. 20, Donald Trump will assume the role of commander in chief, and if he holds true to his campaign promises, the Affordable Care Act will be one of the first concerns he addresses.
For those who have been waiting for the repeal of the Affordable Care Act since its inception, it’s still too early to celebrate—and definitely too early to put aside your 1095-Cs for the 2016 reporting season.
“Full-time employees.” The concept seems simple enough, but nothing ever is with the ACA. The forms are unclear, meticulous tracking of employee hours of service is often required, and tracking methods are complex.
“Affordable Care Act reporting and compliance” is not a fun phrase to hear. While the forms look easy, proper reporting remains a mystery to many, and a frustration for everyone else. This isn’t surprising, considering the process is only a year old, and last year the IRS granted leniency by allowing employers to simply make a ‘good faith effort.’
The future of the Affordable Care Act (ACA) has been shaky ever since Nov. 8. While it is clear that President-elect Trump intends to repeal and replace the act in some way, shape, or form, what exactly that replacement looks like is a little murkier.
Data gathering seems like a simple, if tedious, task. So why is it that so many employers struggle with this exact task when attempting to complete ACA reporting?
It’s only the second year of Affordable Care Act (ACA) reporting, but a year can yield some hefty changes.
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October 13, 2016 09:00 AM Eastern Daylight Time
NEW ORLEANS--(BUSINESS WIRE)--ACA compliance is a sneakily hard undertaking for the millions of employers that, for the first time, will have to fulfill and file accurate forms to employees and the IRS by January 31, or be subject to a multitude of costly penalties. The complexity of ACA regulation and the nuances of the reporting obligations make it impossible for most companies to achieve compliance by forcing them to draw from disparate employee payroll and benefits data sources.