ACA

Employers are now behind the eight-ball is that individual data elements required to complete these forms often reside within multiple systems “Aggregating all of this data on a month-by-month basis for purposes of reporting to the IRS and employees can be challenging especially because of the degree of scrutiny the IRS Forms 1094 and 1095 are likely to receive.

Ever wonder how you can possibly know what the IRS is requiring for 6055/6056 reporting?  Great News!  Businessolver, Inc. can take care of that for you.  We are working hard to ensure we fully understand the requirements of the IRS reporting for the Affordable Care Act. We attend monthly IRS Webinars for the Affordable Care Act Information Returns (AIR) Program. This is the program that will be used to provide the required reporting to the IRS for the 1094 and 1095 data. In this week’s IRS Webinar we learned a few valuable things:

• There is a new 1095-C form for 2015 that will include additional lines for “Covered Individuals”.
• Confirmed on this week’s call – if a member is “covered” for even one day during the month they are able to be marked as “covered” for that month on the 1095-C document.
• You are allowed to modify the IRS 1095 reporting documents, the only requirement is that your modifications must include the same data as the model forms.
• No signature is required for 1094 documents filed electronically, only if they are paper documents (and remember, paper documents are only allowed to be filed with the IRS if your filing has less than 250 1095 forms attached).
• Employers with multiple 1094-C documents will only complete the entire form for the Authoritative filing document.  Additional filings will only need to include Part I.

So don’t worry! The regulations are very cumbersome and difficult, but we are here to help sift through all of the information.