In today’s world, it’s more important than ever to safeguard your online data in every way possible. News stories about hacking and data breaches are becoming all too common, with even major companies being regularly affected. A recent example is Marriott Hotels, who in November 2018 announced that they had discovered a massive data breach potentially involving as many as 500 million people.
You’ve completed your reporting obligation for the Affordable Care Act. How do you know if you need to file a correction?
There has been a lot of news the past couple of years regarding efforts to repeal the Patient Protection and Affordable Care Act, commonly referred to as the ACA. While the individual mandate was successfully repealed for 2019 and beyond (meaning that individuals who fail to have health insurance coverage will no longer have to pay a penalty), it’s critical for Applicable Large Employers (ALEs) to understand that the employer mandate is still in full effect for 2019 and beyond. That means that the penalties associated with not offering affordable coverage are also still in effect.
Employees will oftentimes wonder why Part III of their 1095-C form doesn’t contain any information. This is because Part III of the form is used only to track individuals (employee, dependents, spouse, retirees, employees on continuation coverage, non-employees, etc.) covered under an employer-sponsored self-insured plan.
The 1095-C form is used by employers with 50 or more full-time and full-time equivalent employees (also referred to as applicable large employers or ALEs) to report information required under Section 6056 of the Affordable Care Act. This includes their offers of health coverage and the employees’ enrollment in health coverage.
Per the IRS, employers can get an automatic 30-day extension of time to file their ACA forms by completing Form 8809, Application for Extension of Time to File Information Returns. The form may be submitted on paper or through the IRS’s electronic system. No signature or explanation is required. Form 8809 must be filed on or before the due date of the returns in order to get the 30-day extension.
Even though ACA reporting has been around for several years now, it’s still very common for mistakes to be made when completing the process. Here are 5 common ACA reporting errors that you should try to avoid:
The search for 2019 ACA reporting deadlines (filing for the tax year 2018) is over! The table below details the definitive deadlines for the upcoming round of reporting, sourced directly from the IRS following their announcement of the extension for furnishing 1095 forms to employees back in November 2018.