The Affordable Care Act (ACA) is the Patient Protection and Affordable Care Act as amended by the Health Care and Education Reconciliation Act of 2010. The ACA requires certain employers report to the IRS annually regarding the health care coverage they offer to full-time employees.
Under Section 6056 of the Internal Revenue Code, an Applicable Large Employer (ALE) must report information on Form 1095-C that discloses if an employer is subject to assessment of a Shared Responsibility Payment. The report also determines if full-time employees are eligible for a premium tax credit, which helps pay for health insurance if the employee purchases it on the Health Insurance Marketplace. Generally, an ALE is an employer with 50 or more full-time equivalent (FTE) employees. If you are unsure whether your organization is an ALE, contact us to discuss.
If Suttle & Stalnaker prepared your 2017 1095-C forms, we will be contacting you within the next 2 weeks with an updated 2018 template and further instructions. If you have already started tracking 2018 using the 2017 template, we can assist in getting your information copied over to the new template.
If we did not prepare your 2017 forms, please contact Drema dfoster@suttlecpas.com or Erica efuller@suttlecpas.com so we can discuss your filing requirements and get you started tracking 2018 information. If you have any questions, please let us know.
REPORTING DEADLINES –
The deadlines have been extended again this year, and are as follows:
• February 28, 2019 – Filing of Form 1095-C due for 2018, if filed on paper Form 1095-C must be furnished by ALEs to all full-time employees
• March 4, 2019 – Form 1095-C must be furnished by ALEs to all full-time employees
• April 1, 2019 – Filing of Form1095-C due for 2018, if filed electronically
POTENTIAL PENALTIES –
Employers that do not file an annual IRS return or provide individual statements to all full-time employees may be subject to a penalty up to $270 per return. That penalty is doubled for failing to file due to intentional disregard.