While efforts to repeal and replace ACA have continued to fail, we can confirm that the IRS will continue to enforce ACA compliance. Applicable Large Employers will still be held responsible for ACA reporting.
Several companies are questioning whether they need to file IRS forms 1094 and 1095, or not.
The answer is a resounding, “YES!” As stated in a recent post by Willis Tower Watson, “the ACA reporting requirements also remain in place for now. Employers subject to the ACA are still required to report offers of health coverage or actual coverage (for self-insured plans), and so should prepare to comply and report for 2017.”
To put it simply, file the paperwork or be subjected to lengthy audits. Even worse – face fines that start at $100 per day, per person and per occurrence.
Here’s a list of important requirements and deadlines you need to know:
What are the next steps your business should take for ACA compliance and reporting?
Take care of your business and customers with a customized ACA reporting solution to fit your business needs, and be in full compliance with the IRS requirements. Begin preparing your business now for ACA compliance and reporting.