Looking to ace your 2018 ACA reporting? Here’s how.
Have you been preparing for tax season as if the Affordable Care Act (ACA) was no longer a factor? We hope not. Because that couldn’t be further from the truth.
Even though the ACA has been marred by a number of executive orders, changes to the individual mandate penalty, and, most recently, a federal judge in Texas ruling the health law unconstitutional, there haven't been any legislative or legal actions to roll back compliance and reporting requirements. As far as employers are concerned, nothing is different this year. ACA reporting is still on for 2018 and the deadlines are approaching.
Why 2018 reporting is the same as last year
Congress failed to repeal the ACA, the GOP tax bill only impacted the individual mandate, and the executive orders have left the landscape mostly unchanged, especially for employer-sponsored health care.
Down the road, the Trump administration could try, once again, to put its stamp on health care reform. However, with the Democrats taking over control of the House following the midterm elections, that seems less likely.
So, for now, the ACA is the law and employers will still need to remain compliant with the current regulations.
In fact, some employers have been feeling the repercussions of noncompliance since November 2017. That’s when the IRS began 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. And the penalty letters have since continued for the 2016 reporting year.
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 4, but employers still have to file Forms 1095-C and 1094-C to the IRS by Feb. 28 (if filing by paper) and April 1 (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 2018 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.
In addition, if you’re concerned you might be at risk for an ACA penalty, we now offer a solution that analyzes an employer’s 1094 and 1095 forms, identifies penalty triggers, and provides a template to respond to the IRS, should a penalty letter be issued.
Learn more about how this can help you ace reporting in 2018 and beyond.