We know the ACA will bring monumental changes to business in America. As a Dallas-based payroll provider we provide multiple avenues to information, tools and resources to keep you informed and prepared. Check out our ACA Resources Pagefor timely and pertinent information. Read on to verify you are ready for IRS ACA compliance reporting.
IRS ACA Compliance Reporting
Beginning with the 2015 benefit year, organizations are required to provide the IRS with information on each employee’s health coverage. Similar to how W-2s are filed with the IRS, this documentation will be due at the beginning of the following year.
Documentation for the 2015 benefit year must be submitted by February 28, 2016 if being filed manually, or March 31, 2016 if the documentation is electronically submitted. A copy of these forms must be provided to employees no later than January 31, 2016. Failing to provide employees with documentation can result in a $200 fine per return.
All large employers, those with 50 or more FTEs, are required to furnish coverage information to the IRS on a monthly basis. Required information includes:
- Employer information, including contact information and documentation outlining if qualified employees were offered health coverage.
- Employee information, including the months each employee was eligible for health coverage, how much the employee was to pay out of pocket for coverage and information about the plan the employee was enrolled in.
Putting in place all of the requirements for ACA compliance reporting can be an arduous task for organizations. PayVision Online is both your ACA Resource Centerand offers ACA Compliance Services Solutions. Call us at 214-442-5888 to learn more.