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,” http://ebn.benefitnews.com/news/health-care/employers-procrastinating-on-aca-recordkeeping-compliance-2746404-1.html
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:
So don’t worry! The regulations are very cumbersome and difficult, but we are here to help sift through all of the information.