Affordable care Act
ACA has come to stay for large employers
This seemingly easy to pronounce 3 letter acronym is perhaps the biggest pain in the neck employers have experienced since 2015.
If you are an ALE ( applicable large employer), and you are not sure of your risk of penalty, then we are your best friend.
ACA law and rules are so complex that even some lawyers are unable to decipher the code. We have spent countless hours understanding the rules and regulations and could save you time, money and undue headache. Yes, you will have a few once you become an ALE (over 50 full time and full time equivalent employees).
Our consultation services includes
- Measurement periods
- Tracking
- Filing 1095C and accompanying 1094C (transmittal form) to the IRS
- Audit tracking and defense
- Interpreting statutes.
- Short term employees vs seasonal employee.
Due dates
Distribute 1095-C to Employees: March 4th
File Paper 1095-C to IRS: February 28
Electronic filing of 1095-C: April 1
W2’s are still due to Employees by January 31st.
1095C filing deadline postponed
Good news! The IRS has postponed the deadline for employers to distribute 1095C to employees to March 4th 2024. The original deadline was January 31st.
https://www.irs.gov/pub/irs-drop/n-18-94.pdf
FAQ
1. I have over 50 employees, mostly Art time workers.. I’m I an ALE
2. My company is part of a larger group with more than 50 employees, I’m I an ALE ?
3. How long should I keep my filing records?
4. What are my potential liabilities?
Are the IRS ACA related penalties even real?
So you have not gotten a penalty notice From the IRS and you start to think you are out of the woods??? You are not alone. Many employers mistake the lack of notice for escape.
Well as of Dec 2017, the IRS was still working on 2016 filings so they haven’t gotten to 2017 Yet. kindly remember to keep your records for 3 years as this is the statutory requirement by the IRS.