Affordable Care Act Reporting Requirements Action List

Deb Weber

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
Health Plan
Employer Files
Forms
1095-B/1094-B
Employer Files Forms
1095-C/1094-C
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

About The Author

Deb is passionate about helping entrepreneurs grow their businesses and maximize their profits. Her business acumen and entrepreneurial…

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