Despite recent efforts to chip away at the Affordable Care Act (ACA), the employer mandate remains in effect, along with its onerous reporting requirements. And now that the IRS has begun enforcing the mandate and assessing penalties, timely and accurate submittals are more crucial than ever.
Employers need to know what’s expected with the 1094-B, 1095-B, 1094-C, and 1095-C forms, along with the broader context of how the ACA provisions on employer shared responsibility payments (ESRPs) could apply to them – or risk facing costly fines.
The best way to prepare is to be “in the know” as soon as the forms for tax year 2018 become available so you’ll be well prepared to tackle them. But, all the preparation in the world could still leave you with many lingering questions, such as:
- Are we required to fill out the 1095-C at all?
If so, when and what are we required to report?
- How do the reporting requirements vary if we are fully insured vs. self-insured?
- How do we account for employees who are offered health coverage, but decline it?
- Who is required to report if we sponsor a plan for employees of multiple employers?
- Can we get a filing extension?
- What are the penalties if we mess up the reporting?
- How do we account for retirees and COBRA recipients on the 1095-C?
- What about multiple members of the same family who are all full-time employees with us—and all received offers of coverage?
- What do we do if we can’t get dependents’ Social Security Numbers—and how often are we required (or allowed) to ask for them?
Last year, when the IRS started enforcing the ESRP provision, many applicable large employers were caught off guard by the “226J” letters that went out, and the sometimes substantial assessments they had to face as a result. Employers have just 30 days from the date of an IRS letter—not 30 days from when they receive it, to do one of two things: pay up or dispute the IRS’ ESRP calculation.
Join us for a webinar with employee benefits attorney Steven Mindy, who will help you prepare for the next round of ACA reporting, based on lessons learned from previous years as well as from recent IRS enforcement activities.What You'll Learn:
- Your organization’s information reporting requirements under the ACA
- Penalties to watch out for under Sections 6055 and 6056 of the IRS Code
- How to ensure proper distribution and filing to avoid information-reporting penalties<
- Lessons learned from previous reporting challenges
- Common ACA reporting traps and pitfalls to avoid
- What to do if you receive a Letter 226J
- Opportunities in the reporting and enforcement process to minimize your potential ESRP liability
- The top 5 reasons why the IRS believes you owe a penalty, even though you may not
- And much more!
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