ACA Compliance Issues | Obamacare Premiums Forecast to Rise 2.5%; Insurers Expand Offerings
NEW REPORTING DEADLINE: On Dec. 28, 2015 the IRS issued new 2016 due dates for the filing and furnishing forms under Section 6055 and 6056.
Q: Do you work with Applicable Large Employers who are now subject to IRC Sections 6055 & 6056?
A: Healthcare Compliance Inc. now offers a turn-key solution.
ACA Compliance: Steps for SUCCESS
First – There is no exception to IRS Forms 1094 & 1095, nor are you eligible for transitional relief. This ACA reporting requirement is part of IRC Sections 6055 & 6056.
Second – If you’re not sure if your company employs 50 (or more) full-time workers, as defined by the ACA, you must calculate your Applicable Large Employer (ALE) status.
Third – The penalty for non-compliance is $250 per employee statement, not to exceed $3,000,000. For a company of 50 full-time workers, the penalty would be $12,500.
Fourth – How will I accomplish this? Or who can I call to outsource this? There are two options: complete IRS Forms 1094 & 1095 in-house, or outsource to a third party, like Healthcare Compliance Inc., who has the expertise and knowledge. The ACA has well-defined standards for third party/outsourcing assistance.
Fifth – Stop procrastinating, and start preparing! IRS Form 1094-C must be delivered to your employees no later than 1/31/16. This leaves you barely 5 months to organize and implement a plan if you want to avoid costly penalties.
Sixth – Healthcare Compliance Inc. offers a turn-key solution, from data gathering to filing to distribution. With so few Section 6055/6056 providers, we urge you to call us today to secure your place in queue. Without a reservation, you may be forced to become Section 6055/6056 expert in order to complete this ACA reporting requirement on time!