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ACA reporting is not just a payroll function. It’s not just a benefits management function. It's not just an insurance carrier reporting function. It's all of these combined.
The 1094-C and 1095-C forms are more complex than they appear at first glance, requiring consolidating and reconciling information from multiple sources. Some challenges are highlighted below:
1095-C is like a W-2: Each employee must receive a 1095-C from the employer and a copy is also submitted to the government.
1094-C is like a W-3: (Aggregate of all 1095-C data). This file is submitted either electronically or via mail to the government.
First 1094-C Filing is February 28, 2016 (March 31st if filed electronically)
For Data as of January 2015, all large employers should track information such as:
- Annual wages in order to determine affordability
- Types of employees and corresponding eligibility
- Average hours over standard and initial measurement periods
- Stability and administrative periods for new and current employees
- Hours worked for new hires in both the initial and ongoing measurement period
- Employee IRS classification codes for lines 14 and 16 on form 1095-C
- Full-time equivalent (FTE) counts for form 1094-C
- Employees who waived health care coverage
Why should an employer start with 1095Complete today?
Start now with FREE 1095C QuickStart:
