What Employers Should Know About ACA Reporting

IRS mandates the ACA reporting for ALEs to file the health coverage information offered to the employees.

Employers with 50+ full-time employees must report the employees' health coverage information under section 6056 through IRS Form 1094-C and 1095-C. The Form copy must be furnished to the employees.

It helps the IRS to determine whether an employer owes a payment under the ESRP (employer shared responsibility provisions) under section 4980H. Also, it helps to determine the eligible employees for the premium tax credit.

When is the 2020 ACA 1095-C Reporting is due for?

Here are some of the important dates for employers to mark in 2020.

Category	Deadline
Sending copies of 1095-C to employees	March 02, 2020
Paper filing of 1094-C and 1095-C	February 28, 2020
E-filing of 1094-C and 1095-C	March 31, 2020

Missing ACA deadlines can be more stressful as the penalties are huge. Keep track of ACA deadlines and file on time to avoid huge penalties.

What is the information required for Reporting ACA 1095-C Forms?

ACA reporting can be quite easier when you have the following information readily available. 

Have the following information to complete Part 1 of Form 1095-C:

1. Employer details
   1. Employer name
   2. Address
   3. Employer identification number (EIN)
2. Employee details
   1. Employee name
   2. Address
   3. Tax identification number (TIN)

Have the following information to complete Part 2 of Form 1095-C:

3. Month by month and total year for which coverage offered
   1. Line 14, Offer of coverage
   2. Line 16, Section 4980H Safe Harbor and Other Relief
   3. Contribution by employees

Not sure about 1095-C codes? Contact ACAwise Now, we will take care of generating 1095-C Codes accurately and e-file it with the IRS.

Have the following information to complete Part 3 of Form 1095-C:

4. If employers offer the self-insured plans, provides the covered employees, identification, and months of coverage
5. Covered individuals details – Name, TIN, Covered employees details

If you are an employer, you must be aware of generating an offer of coverage and safe harbor codes. It is difficult to understand instructions and prepare the Forms and codes.

Choose ACAwise for your ACA Reporting! Provide your raw data, ACAwise will generate codes based on current regulations, and take care of your ACA 1095-C filing with the IRS.

Electronic Filing Mandates:

If you are filing more than 250 1095-C forms, IRS mandates you to file forms electronically. 

Even if you have few Forms to report, IRS suggests electronic filing to process your returns quickly. 

Instruction for Non-ALEs

Apart from ALEs, certain filers listed below have to meet ACA reporting.

• Health insurance issuers or carriers, plan sponsors of self-insured group coverage, and executive departments/agencies of governmental units must file Forms 1094-B and 1095-B to report the health coverage information offered to individuals.

Choose ACAwise for your ACA Form 1095 Reporting!

We, at ACAwise, provide a complete solution for your ACA reporting. ACA reporting is accurate and stress-free as we take care of your reporting.

Why Choose ACAwise?

• IRS Approved ACA Reporting Software
• Data validation and correction
• Accurate Code generation
• Handled largest counties & TPAs with 150+ clients
• Error-free ACA filing
• Mailing recipient copies
• Penalty Risk assessment

Tell us your ACA Reporting needs on (704)-954-8420 or email your requirements to support@acawise.com.

Stay wise with ACAwise..!