Now that ACA repeal has moved to the back burner; compliance with the ACA, especially Reporting and IRS filing for TY2017 is looming. To fulfill your obligation, IRS has just released a draft versions of Form 1094 and 1095 for this year's filing. Draft instructions are expected to be issued soon.
IRS Letter 2017-0010, dated April 14, 2017, clearly stated that the federal statutes for both the employer shared responsibility rules and assessments, and the individual mandate, are still in effect.
Richard A. Szczebak, Esq. reports that the IRS has not assessed any employer mandate penalties to date for the 2015 and 2016 tax years. However, IRS enforcement and penalty assessment for TY2017 are currently unknown.
In regard to deadlines, IRS Notice 2016-70 indicates that for TY2017 the Treasury and the Service do not anticipate extending the 2016 transition relief - either with respect to the due dates or with respect to good faith relief from section 6721 and 6722 penalties. The forms to recipients must be postmarked by January 31, 2018.
ACA Compliance and Reporting is complicated, burdensome and carry tight deadlines. For employers, the complexity is often compounded by the involvement of a variety of departments that are sharing information in different data formats. The mix of the need to print and mail these forms, programming, coding and the eFiling requirements make this process incredibly time consuming.
Experts estimate that completing and distribution the ACA Reports can take more than 100 hours. BenefitScape gives employers an option for pain free healthcare compliance. If you’re ready to turn to an outside option or you have any questions about the ACA Compliance please call us 508-655-3307.
Here are links to the draft versions of the 2017 Form 1094 and 1095
1094-B 1095-B 1094-C 1095-C