The IRS released a useful summary of important items for employers to consider for ACA compliance. Called Health Care Information Reporting: Seven Things Employers Can Think About Now, the IRS explains that if your organization is an applicable large employer, you must report information about the coverage you offer to your full time employees. Specifically, the IRS identifies the following seven considerations:
- The health care law requires applicable large employers to report information about health insurance coverage offered to its full-time employees and their dependents as well as to the IRS.
- ALEs must report information about themselves, the coverage they offered – if any – and the individuals covered under their plan.
- ALEs are required to furnish a statement to each full-time employee that includes the same information provided to the IRS.
- ALEs that file 250 or more information returns during the calendar year must file the returns electronically.
- ALEs must file Form 1095-C with the IRS annually (using Form 1094-C), no later than February 28, 2017 or March 31, 2017 if filed electronically.
- Self-insured employers that are applicable large employers, and subject to the information reporting requirements for offers of employer-sponsored health insurance coverage, must combine reporting under both provisions by filing a single information return, Form 1095-C, and transmittal, Form 1094-C.
- Employers performing their own transmissions must consult the ACA Assurance Testing System to test transmissions.
For information about BAS’ ACA data collection and reporting services, contact your account manager or solutions@BASusa.com.
