Calendar-year 2016 will be the second year of the Affordable Care Act (ACA) information reporting. This IRS-required reporting supports the monitoring of individual and employer health insurance mandates. Similar to last year, this reporting requirement will affect all self-insured employers as well as any employer—or controlled group of employers—with an average of 50 or more full-time employees, including full-time equivalent employees, during the prior year.
These reports are essential for the IRS to determine whether:
- An individual maintains minimum essential coverage for purposes of the individual health insurance mandate
- An individual qualifies for a premium tax credit from exchange plans
- An employer is subject to a shared responsibility penalty for failing to offer full-time employees affordable minimum essential coverage providing minimum value
The ACA forms share the same filing deadlines as Forms W-2 and 1099, and significant penalties may be assessed for noncompliance.
BKD has dedicated tax advisors who can help you determine what these changes mean for your organization and find a solution to remain compliant.
- BKD professionals can help guide you through your ACA filings based on the coverage offering and size of your workforce.
- We can help you compile and format the necessary data from your information systems.
- Our advisors can help you import your data into a secure, cloud-based application that allows you to validate your data prior to filing.
- We’ll help you produce Forms 1094 and 1095, mail 1095 forms to employees and electronically file the applicable forms with the IRS.