As we approach the year's end, staying ahead of the Affordable Care Act (ACA) compliance and reporting requirements are not just about ticking boxes; it's about shaping a resilient and compliant foundation for the future. To streamline this process and empower HR professionals and business leaders, we present you with a comprehensive Year-End ACA Compliance Monthly Checklist.

This checklist is designed to assist you in meeting regulatory standards and fostering a workplace that prioritizes transparency and accuracy in the ACA reporting process.



End of Year ACA Reporting Requirements

Monthly ACA Compliance Tasks for September - December 2023

• Monitor Employee Status: Track full-time employees' status and service hours using monthly or look-back measurements.

• Offer Affordable Coverage: Continue offering affordable Minimal Essential Coverage (MEC) and Minimum Value (MV) coverage to newly hired full-time employees and newly calculated full-time-equivalent employees (FTEs) within the first 3 full calendar months of employment.

• Data Uploads: Upload monthly data, including payroll (if applicable), census with the month's Hire/Terms/Edits, offer of coverage data with the month's Offers/Elections/Waives/Dis-enrollments, and Health Benefits Plan Summary Data.

• Attestation and Verification: Attest that all payroll, census, insurance plan data, and offer of coverage data are accurate and have been reviewed.

• SSN Confirmation: Confirm Social Security Numbers (SSN) with the Social Security Number Verification Service.

Kicking of ACA Compliance in the New Year

Monthly ACA Compliance Tasks for January 2024

• Review Health Coverage: Review health coverage offered and provided to full-time employees and dependents in 2023, ensuring compliance with ACA requirements.

• Data Verification: Verify the accuracy and completeness of payroll and benefits data for 2023. Confirm accuracy and completeness of calculations and proper 1095-C form preparation.

• Continuation of Tasks: Continue tasks from previous months, including monitoring employee status, offering affordable MEC and MV to newly hired employees, and data uploads.

Monthly ACA Compliance Tasks for February 2024

• Review and Audit: Review, audit, and complete Penalty Assessment for each form to be returned to the IRS.

• Furnish Form 1095-C: Furnish Form 1095-C to each eligible employee by March 2, 2024.

• Filing with the IRS: File Form 1094-C and copies of Form 1095-C with the IRS by February 28, 2024, for those filing on paper (fewer than 10 forms).

• Continuation of Tasks: Restart tasks from previous months, including monitoring employee status, offering affordable MEC, and data uploads.

Preparing for ACA Reporting Deadlines

Monthly ACA Compliance Tasks for March 2024

• Furnish Form 1095-C: Reminder to furnish Form 1095-C to each eligible employee by March 4, 2024.

• Complete Edits: Complete all edits found by the employer, employee, or third-party preparer to ensure forms are error-free.

• Electronic Filing: File Form 1094-C and copies of Form 1095-C electronically with the IRS by April 1, 2024.

• Respond to Inquiries: Respond promptly to any inquiries or notices from the IRS or employees regarding Forms 1094-C and 1095-C.

• Confirmation and Record Keeping: Confirm IRS provided Receipt ID with an Accepted or Accepted with Errors status. Collect all 2023 reporting data and documents for record keeping.

• Continuation of Tasks: Continue tasks from previous months, including monitoring employee status, offering affordable MEC, and data uploads.

Remember to review and confirm the accuracy of all calculations and indicator codes throughout the year and, if available, have a full audit conducted for all forms before filing with the IRS so that, as an employer, you are aware of your penalty risks before you submit your ACA reporting. 

Wrap It Up and Remain in Compliance

With year-end festivities underway, it can be easy to forget about mundane ACA compliance tasks. However, this comprehensive ACA compliance checklist serves as your strategic roadmap for navigating the complexities of healthcare regulations all year long. Don’t forget that monitoring employee status, offering affordable coverage, and maintaining accurate data uploads are also crucial for a seamless filing experience. 

By following this guide, adhering to the regulations, and utilizing robust compliance software like HRlogics ACA, Applicable Large Employers (ALEs) can ensure compliance with ACA regulations and streamline their filing process. HRlogics ACA also performs ACA audits that allow ALEs to preview the potential penalty risk, correct it, and ensure compliance.

About SyncStream

SyncStream maintains a tenured, knowledgeable staff who continually monitors changes to the employer mandate regulations and updates solutions as laws evolve. SyncStream removes the burden of ACA compliance and provides penalty risk assessments and suggested corrections to reduce your company’s risk of high IRS penalties. Subject matter experts utilize SyncStream’s user-friendly compliance software to track employee hours, auto-populate forms, audit forms, and e-file for thousands of ALEs. SyncStream’s Full Service Total ACA solution can simplify your ACA compliance needs.

Download the digital guide below.