The 2021 Dates Deadlines for 2020 ACA Reporting are Imminent

2021 ACA Reporting Deadlines

Employers should keep in mind that the 2021 deadlines for 2020 ACA reporting are looming.

Every year since 2015, the IRS requires that Applicable Large Employers, companies with over 50 full time equivalent employees, are required to offer affordable coverage to their eligible employees, and furnish 1095-C forms to employees and a 1094-C form to the IRS.

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ACA Compliance: Full-Time, Part-Time and Temporary Employees

aca compliance full time part time and temporary employees

Navigating reporting with multiple different types of employee working hours can be quite challenging. Since the enactment of the Affordable Care Act, questions and debates have arisen about the impact of this law on third-party staffing arrangements. Many companies offer temporary and part-time employees lower-tiered benefits, if any. If you have employees working a variety of hours, how can you ensure your business is ACA-compliant?  

We have developed this guideline to ACA compliance for full-time, part-time and temporary employees to help you understand the definitions of different employees and navigate ACA compliance. 

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ACA Penalties have no statute of limitations!

We are neck deep in the current ACA reporting cycle and while the main focus of employers should be meeting their fulfillment and e-filing deadlines, it is important they take note of a clarification recently made by the Internal Revenue Service.  The IRS has stated that penalties for noncompliance with the Employer Shared Responsibility Tax have no statute of limitations on when the IRS can impose them.  This means that employers are never “safe” or “out of the woods” from receiving penalty letters, even from the very first reporting season, which happened in the spring of 2016.  This clarification came from the Chief Counsels Office at the IRS, and the entire memorandum can be read here:

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How to remain ACA compliant during an acquisition

Affordable Care Act (ACA) compliance is likely the last thing on anyone’s mind during an acquisition.

But that would be a mistake.

Even when everything looks and feels similar after one company purchases another – the same employees, the same company name – that’s not true about their ACA reporting.

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Past Years' Filing: What should Employers Do?

Past years

Many employers have been receiving IRS Penalty Letter 5699, if the IRS finds that a company has not filed their 1094-C and 1095-C for any previous years. You can respond to the letter usually within 30 days and choose the reason why you have not filed. Some employers may receive other IRS penalty letters for filing late or incorrectly as well.

If you have failed to file previous year’s forms, you will then be required to do so. Or you may have filed incorrectly and will then have to re-file correctly.

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ACA Reporting for 2020 Just Got More Complicated!

 This year has been an odd one to say the least.  We have seen one unprecedented situation unfold after another and it is unclear if there is an end in sight.   For employers that are struggling to decide whether to lay off employees, comply with state and local ordinances that change from week to week, and possibly how to fund the next payroll cycle Affordable Care Act (ACA) compliance may not seem like a real concern, or just a minor one in the back of an employer’s mind. However, if gone unaddressed ACA noncompliance could produce a knockout blow (financially speaking) just at a time where employers may be getting back on their feet financially.  

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Fifth Circuit Rules Individual Mandate Unconstitutional: However, case gets one step further from the Supreme Court

On Wednesday, December 18th, The Fifth Circuit Court of Appeals ruled in a 2-1 vote that the individual mandate of the Affordable Care Act was unconstitutional.  As a refresher, the individual mandate required U.S. citizens to purchase healthcare coverage or pay a penalty.  However, the penalties were zeroed out as part of the 2017 Republican Tax Reform bill.  The zeroing out of the penalties is what initially started the legal process that the Fifth Circuit ruled on yesterday. 

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