Is your company ready to provide the requisite information and comply with the new Affordable Care Act (ACA) reporting deadlines?
Last filing year, businesses across the nation breathed a sigh of relief when the IRS announced an extension of the due dates for ACA information reporting. This year, however, the transition relief will end.
Here’s a breakdown of which forms are due when:
Forms 1095-B and 1095-C
Due to employees (to be postmarked if mailed, or sent by e-mail if applicable conditions met), these forms are now due January 31st, 2017.
Forms 1094-B, 1095-B, 1094-C and 1095-C
For businesses who wish to file paper forms, these forms are now due February 28th, 2017.
Forms 1094-B, 1095-B, 1094-C and 1095-C
For businesses who wish to file with the IRS electronically, these forms are now due March 31, 2016.
It should be noted that any employer filing 250 or more information returns during the calendar year must file these returns electronically. Employers with fewer than 250 returns can choose to either file electronically or by mail.
Transition Relief Ending
With transition relief coming to an end, many small businesses are concerned. Sixty-nine percent of businesses who employed between 50 and 99 workers ranked ACA compliance a top concern. For many, tighter deadlines is just one of the many burdens they will face this year. The phasing-in of the ACA’s shared responsibility mandate, which only affected businesses who employed more than 100 people, is sure to cause many headaches as it expands to include companies with 50 or more full-time employees. While last year, larger companies affected by the shared responsibility mandate only had to insure 70 percent of their workers, this year the threshold is 95 percent.
For small businesses overwhelmed by the red tape, however, there are options. First, don’t wait, get started today. With the 4th quarter of the year approaching, it’s time to get your books in order. To that effect, Professional Employer Organizations (PEOs) can help. PEOs are third-party HR solutions providers who specialize in compliance. They take care of the paperwork so that you, the business owner, entrepreneur, or CEO can focus on growing your core business instead.
Concerned about ACA compliance in 2017? We can help.
Or schedule a complimentary consultation today.