How to ace your 2017 ACA reporting and prepare for the future
Yes, ACA reporting is still on for 2017.
If you were doubting that 12 months ago, or even six months ago, we can’t blame you. This time last year, health care reform efforts in Congress seemed poised to change how employers’ reporting and compliance requirements worked. President Trump signed a number of executive orders in the following months, attempting to dismantle various provisions of the ACA.
But, as far as employers are concerned, nothing is different this year, and the deadlines are approaching.
Why 2017 reporting is the same as last year
Congress failed to repeal the ACA, and the executive orders have left the landscape largely unchanged.
While it’s unlikely Republicans will pursue additional efforts to dismantle the Affordable Care Act (ACA) during this midterm election year, President Trump, at least officially, has not waved the white flag on repealing the health law.
His 2018 budget includes an ACA repeal and replace bill closely resembling the Graham-Cassidy bill that was withdrawn from a Senate vote in September. Though the President’s budget often includes changes that will not be acted upon, it still reflects the administration's priorities.
The Trump administration may continue trying to put its stamp on health care reform, but for now the ACA is the law and employers will still need to remain compliant with the current regulations.
In fact, some employers are now feeling the repercussions of noncompliance. The IRS has started sending out ACA penalty Letter 226-J to applicable large employers (ALEs) that didn’t offer an affordable health care plan with minimum value coverage to full-time employees in 2015.
The fines can be costly, and a sure sign that employers need to get serious about their ACA compliance.
Get your ACA tracking and reporting under control starting today
The deadline for employers to complete and deliver 1095-C forms to employees was extended to March 2, but employers still have to file Forms 1095-C and 1094-C to the IRS by Feb. 28 (if filing by paper) and April 2 (if filing electronically). It’s time to get your data in order, and continue to maintain it throughout the year – this will help you prepare for any health care changes on the horizon.
If you’re still getting started with 2017 reporting, we offer a monthly subscription option for our tracking and reporting ACA solutions.
Our tracking solution monitors the ACA status of part-time and seasonal employees in real time to determine ALE status, and which employees should receive employee-sponsored coverage.
The reporting solution, which can be purchased individually, or bundled with the tracking solution, analyzes employer data and ACA analytics to ensure full auditability and accurate filing with the IRS.
Learn more about how our monthly subscription can help you ace reporting in 2017.