Employers subject to the employer shared responsibility provisions of the Affordable Care Act should have distributed their 1095 Forms to full-time employees and covered individuals. Affordable Care Act compliance does not stop with form distribution. After the Form 1095 distribution, the shift in focus turns toward transmitting ACA information to the IRS. Employers must transmit their Form 1094-B/C to the IRS by April 1, 2024. The deadline is March 31, but March 31 falls on a weekend this year.
The IRS is informed of coverage and offers of coverage through the transmission of Form 1094. Form 1094 is in most cases an electronic transmission to the IRS that includes all data provided on Form 1095. Form 1094 electronic transmissions for the 2023 calendar year must be completed by March 31, 2024.
Each employer in a controlled group must transmit its own Form 1094. While employers may transmit multiple Form 1094s, one form from each employer must be marked as the authoritative transmittal.
Starting this year, virtually all 1094 transmissions must be made electronically. Forms must be sent electronically if the employer is required to file 10 or more of any IRS form.
If you use BAS for Affordable Care Act data collection and reporting, your 1094 forms will be submitted to the IRS by the April 1, 2024 deadline. For more information about BAS’ ACA Data Collection and Reporting Services, contact your account manager or solutions@BASusa.com.
Benefit Allocation Systems (BAS) provides best-in-class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).
