The Heat Is On: Affordable Care Act (ACA) Reporting Requirements Are No Myth For Employers

As the first IRS filing season for Affordable Care Act (ACA) returns approaches, many employers are confused about what their to-dos should be for ACA compliance.

"Do ACA requirements apply to me?"

"1095-Cs are like W-2s, right?"

"Is ACA compliance something employers should really be worried about?"

At recent conferences for Dynamics partners and users, these questions kept surfacing. Because this new year-end reporting is the most intricate workforce accounting ever required - and non-compliance penalties can multiply quickly, it's high time to get answers. Fast.

NOTE: To learn more about year-end ACA reporting, join Integrity Data's Dan Doolin for an MSDynamicsWorld.com webcast on Friday, November 13.

"Do ACA requirements apply to me?"

Employers in the 50 U.S. states are required to provide certain employees with yearly statements about their access to health insurance at work. Employees will need these statements to fill out Line 61 of their individual tax returns. Copies of these reports filed with the IRS will then be used to verify both individual and employer compliance with the new health law.

The statements are IRS Form 1095-C for employees and IRS Form 1094-C, its transmittal. A 1095-C will document, in monthly breakdowns, detail about their eligibility for health insurance on the job, whether their employer made an offer, and if an offer made met ACA standards for quality and affordability.

For Tax Year 2015, employers required to file these new forms are ...