October 5, 2015

ACA Reporting

The IRS has released official forms 1094-C and 1095-C, which Applicable Large Employers must file for ACA reporting.  They provide information about employee count and insurance coverage. The IRS will use this information in determining penalty payments that many employers will owe for 2015 and beyond.

This reporting requirement applies to every applicable large employer. Only employers that average 100 employees or more will owe penalties for 2015. However, even employers between 50 and 99 employees must submit these forms.

1094-C and 1095-C are dense, complex forms.  They are due to the IRS in early 2016, which means the data is based on what is happening NOW. Do you have a system in place to collect and calculate the right data?

What you need to Track

Employers must compile data monthly and report annually on numerous items. In addition to personal information, such as social security number and Medicaid information, the IRS also requires employers to provide a monthly count of full-time and total employees, insurance offers, and affordability of any insurance. This information is reported for the calendar year, regardless of the year on which an employer’s insurance plan operates. Furthermore, it typically comes from several sources-timekeeping, payroll, and insurers.

Do you have a System that can gather information for you?

Especially with variable hour employees, this reporting can take a lot of time and effort. Attendance on Demand can reduce this burden. Attendance on Demand properly identifies full-time employee counts-based on stability period status-for each calendar month, used to complete the 1094-C form. For each employee, reports also provide a breakdown by month of part-time status and can report when an employee is not full-time based because of an initial measurement period. This is required, along with information about any insurance offer, for the 1095-C form.

Do you have a System that can help manage liability?

Liability for next year is based on how you manage employees this year. Attendance on Demand provides averages and guidance for part-time employees, sends automatic warnings when they are likely to change status, and provides visibility and predictability for variable-hour employee status. Report and manage…with Attendance on Demand.

Tagged , , , ,