Have you heard? The Affordable Care Act is changing! The ACA has numerous obligations for employers to help ensure workers are receiving adequate health coverage. These regulations are changing this year, requiring companies and their human resources to adhere to new standards. Here’s an update on some changes regarding the ACA reporting process:
- Slim chance of a deadline extension. In 2015, the IRS pushed the distribution and reporting deadlines back by two to three months, but there is no indication that the same will happen this year. Effective immediately, deadlines will return to their original dates:
– Forms 1095-B and 1095-C: January 31, 2017.
– Forms 1094-B, 1095-B, 1095-C: March 31, 2017.
- Transition relief eliminated. In the past, the IRS provided help to businesses with their ACA reports. This year, companies with 50 employees or more are subject to strict guidelines and penalties which means businesses must insure at least 95 percent of their employees, no matter what. And, it’s important to remember this obligation is required for every month.
- New steps for HR teams. It’s smart for companies to dedicate a number of team members to monitor ACA standards. Create a calendar of critical deadlines and materials to share with employees so everyone in the workplace is aware of the federal regulations.
*In order to feel less overwhelmed, companies should prepare for the updated ACA responsibilities by staying organized and planning ahead.
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