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Affordable Care Act Reporting Requirements Action List
Jan 22, 2015
The Affordable Care Act (ACA) imposes significant information reporting responsibilities on employers starting with the 2015 calendar year. All employers are affected by ACA in 2015.
In light of the complexity of the new information reporting requirements, employers should take the following actions:
1. Learn about the new information reporting requirements and review the draft IRS forms and instructions
2. Develop procedures for determining and documenting each employee’s full-time or non-full-time status by month
3. Develop procedures to collect information about offers of health coverage and health plan enrollment by month
4. Review ownership structures of related companies and engage professionals to perform a controlled/affiliated service group analysis
5. Discuss the reporting requirements with the health plan’s insurer or third-party administrator and the company’s payroll vendor to determine responsibility for data collection and form preparation
6. Ensure that systems are in place, to collect the needed data for the forms for the calendar year 2015
If you need more information on how to get reporting in place for your business, call Deb Weber at (513)858-6040 or send an email to info@kirschcpa.com.
Summary of the Filing Requirements – Based on Size of the Employer
Employer Size | Employer | Employer Files | Employer Files Forms |
Small Employer (Less than 49 employees) | None | No | No |
Small employer | Insured | No- insurer files forms | No |
Small employer | Self-insured | Yes | No |
Large employer (50+ Employees) | None | No | Yes |
Large employer | Insured | No (insurer files forms) | Yes |
Large employer | Self-insured | Generally, no | Yes |
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Deb is passionate about helping entrepreneurs grow their businesses and maximize their profits. Her business acumen and entrepreneurial…
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