Tip Tuesday! ACA reporting: What you should be working on right now

by Jared Bilski

With the deadlines just months away, ACA reporting is priority number one for many HR pros. Here’s some help with that monumental compliance task.  

The reporting requirements can be broken down into two categories:

• the forms you need provide employees by Feb. 1, 2016 (Form 1095-C for insured plans), and
• the forms you need to get to the IRS by Feb. 29, 2016(Form 1094-C for insured plans).

And if your company will be filing more than 250 or more returns for 2016, the IRS requires you to do it electronically.

But you do get an extra month to get those forms to the feds – that deadline is March 31, 2016.

Note: The feds recently let employers know that there is a way to get a 30- or even 60-day ACA reporting extension in some situations.

From start to finish

To ensure your firm has everything in order by the time the deadlines roll around, here is a five-point checklist:

1. Keep all key requirements in mind. If you’re an employer with between 50 and 99 full-time employees, you’ve got reporting requirements under the law – even if you qualify for transitional relief or if you don’t offer healthcare coverage.

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