Electronic Filing: Previously, employers had the option to submit their ACA reporting forms on paper if their total filings numbered fewer than 250. However, starting in 2024, employers who submit more than 10 returns collectively are mandated to file electronically. This effectively eliminates the paper filing option for almost all employers, unless they are granted an exemption due to hardship.

Deadlines: Employers are required to file to the IRS by April 1, 2024 when filing electronically. Additionally, employers must provide the relevant Form 1095-B or 1095-C to their eligible employees by March 1, 2024. The deadline for furnishing Form 1095-B/1095-C has been automatically extended from January 31, 2024, to March 1, 2024, with no further extensions granted.

Electronic Filing Waiver: Employers have the option to petition for a waiver from the mandatory electronic filing if they can demonstrate that electronic filing would pose an undue hardship or conflict with religious beliefs. Requests for waivers must be submitted at least 45 days before the return due date, but no later than the due date itself. Waiver requests utilize Form 8508, Application for a Waiver from Electronic Filing of Information Returns. First-time waiver applicants for any of the specified forms will automatically receive approval. If citing undue financial hardship, the applicant must obtain current cost estimates from two service bureaus or third parties and include them with Form 8508.

Penalties: Failure to file electronically when required, without an approved waiver, may result in a penalty of $310 per return, unless reasonable cause can be established. The penalty for failure to file a correct information return is $310 per return, not exceeding $3,783,000 in total for a calendar year. Similarly, the penalty for failure to provide a correct payee statement is $310 per statement, not exceeding $3,783,000 in total for a calendar year.

As experts in 1095 reporting, employee benefits and everything Affordable Care Act related, we are uniquely prepared to assist employers in the completing of all of their IRC 6055 & IRC 6056 obligations. Employers recognize that ACA compliance is critical to their success as a business. ACA Reporting Service is a full service Affordable Care Act (ACA) reporting company. Under ACA, regularly known as Obamacare, Applicable Large Employers must report annually to the IRS the type and cost of medical plans offered to their full time employee population. As it turns out, this reporting is extremely complex and requires an extensive knowledge of employee benefits in order to be done well. Our ACA reporting solution was built out of an in-depth knowledge and understanding of employee benefits. This is the major difference between our solution and the majority of our competitors who approached this reporting from a technology or payroll background. Because we know well the actual individuals who are ultimately responsible for this annual reporting (human resource directors, finance directors & benefit brokers) and the type of functions they perform each day, we were able to design a client experience to fit them perfectly. Most importantly, we understand that our #1 focus and goal is to be a service company delivering a great client experience. It is this focus on serving our clients which helped us to achieve a 98%+ client satisfaction rate.

The decision is certain to be appealed. In fact, house leader Nancy Pelosi almost instantly challenged the decision and said that when Democrats take the house in January, they will certainly appeal. This is widely anticipated to lead to a very long legal battle between Democrats and Republicans.

In the meantime, the current ACA law stands. The white house released a formal statement reiterating just that. White house press secretary Sarah Sanders stated that, “Obamacare will remain in effect while the case is appealed”.

Most legal scholars believe that this case will ultimately be heard by the supreme court. Until then nothing will change with how our current healthcare system operates.

This means that Employers must still comply with the Employer Mandate. ACA Reporting is still required by law and employees must receive their forms 1095C no later than the extended deadline of March 4th 2019, for the 2018 reporting year.

On November 29th the IRS released notice 2018-94, which serves to extend the due date for certain 2018 information-reporting requirements for insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code (Code) and for applicable large employers under section 6056 of the Code.

The notice specifically mentions that failure to comply with new due dates will result in penalties for Applicable Large Employers (ALEs). The notice states “Employers or other coverage providers that do not comply with the due dates for furnishing Forms 1095-B and 1095-C (as extended under the rules described above) or for filing Forms 1094-B, 1095-B, 1094-C, or 1095-C are subject to penalties under sections 6722 or 6721 for failure to timely furnish and file, respectively. However, employers and other coverage providers that do not meet the relevant due dates should still furnish and file.”

ACA Reporting Service is a leading full service vendor for ACA reporting since the inception of the law in 2014. We work directly with employers as well as partnering with HR firms, Staffing companies and many others needing an expert partner for backend fulfillment for their clientele. Reach out to our customer service team for more details at 888-978-8310 or email us: support@sky-acareporting.com.

SelfInsuredReporting.com is a financial reporting and claim analytics system specifically designed for self insured employers.  Their platform helps you quickly answer questions such as:

• How is our plan performing versus our budget for the year? How about our stop loss contract?
• What are the costs expected to be for the rest of the plan year? What is my expected renewal?
• How are the medical and pharmacy claims trending for each plan? What about network performance?
• How are claims trending for conditions such as cancer or diabetes?
• Which providers are the most expensive in an area?
• Are there opportunities to ‘drive’ services from one provider to a lower cost provider, such as from an emergency room to an urgent care facility?

Learn more at SelfInsuredReporting.com