By: Jane Schroeder
The clock is ticking toward the deadline for filing forms 1094C and 1095C as required under the provisions of the Affordable Care Act (ACA). Internal Revenue Services (IRS) code 6065 requires employers with 50 of more full-time equivalent employees to file reports with the IRS annually stating whether the employer offered health coverage to full-time employees and their dependents during the preceding calendar year.
In addition to filing reports with the IRS, the ACA requires employers to provide certain forms to employees with reporting requirements similar to the existing W-2 form. Statements to employees are due January 31, 2016, and the forms are to be submitted to the IRS no later than February 28, 2016.
There are significant penalties for employers that fail to comply with the ACA reporting requirements. It is recommended that you have the required information gathered by October 1, 2015. Therefore, it is essential that you contact your payroll or benefit provider immediately before time runs out.
For additional information, please visit FAQ’s for Forms 1094-C and 1095-C.
Jane P. Schroeder, CPA, is the Controller at Ellin & Tucker. Jane began with the firm as a member of the audit and accounting department more than 30 years ago, and during her tenure, provided a number of financial reporting and consulting services to many of the firms most influential clients. She assumed the position of Controller in 2005, and since then, has become an integral part of the firm’s day-to-day operations. Jane’s major responsibilities include financial statement preparation, 401K and cash management. In addition she is responsible for overseeing the accounts receivable, accounts payable, payroll, and human resource functions. Jane received Bachelor of Science degrees with honors in both accounting and psychology from Towson University.