A. THE SIMPLE BIT: IRS FORMS & DEADLINES
For all Applicable Large Employers [ALEs = average employees > 50]
03.01.2024 is the deadline for completed FORMS 1095-B & 1095-C to be sent to eligible employees.
ALEs sponsoring FULLY INSURED plans are not required to complete PART III of FORM 1095-C.
ALEs sponsoring SELF-INSURED plans must complete all parts of FORM 1095-C, including PART III.
04.01.2024 is the deadline for your completed employer FORM 1094-C to be filed to the IRS [along with all employee FORMS 1095-B & C].
E-filed via IRS ACA Information Returns [IRSAIR] using certified Transmitter Control Code [TCC].
B. THE NOT SO SIMPLE STUFF
So far so good. The checklist of IRS deliverables and deadlines is simple enough.
The data processing to complete these deliverables, on the other hand, and to provide you as the employer with robust and trustworthy ACA governance, risk management, and compliance is anything but simple. It can be costly and resource intensive. And that’s true on any HCM.
In fact, from hours tracking and eligibility/affordability management to IRS coding and e-filing, the full set of data variables and interdependencies is not only highly complex but high risk. Shifting IRS rules and regs, your own unique business rules, specific health plan features, the choices and circumstances of every individual employee… the list goes on. Add to that state-mandated compliance and reporting, mid-term conversions, and other business changes or anomalies, not to mention events and changes in the individual employee’s life….
You get the idea. We could go on!
C. THE SIMPLE SOLUTION — THANKS TO REGTECH
ACA_regtech* from BENEFITSCAPE is the leading specialist solution for ACA governance, risk management & compliance. Its advanced data science integrates seamlessly with Dayforce, ADP, Oracle, SAP, Workday, and all major HCMs/ACA modules plus other native data sources to cut cost, save resources, and add efficiency to the execution of 100% compliant, penalty-free ACA reporting.
ACA_regtech* transforms the end-to-end ACA process for employers — from any outstanding penalty remediation through flag & fix data optimization, intelligent eligibility/affordability management, error-free IRS coding, and pro-active diagnostics/risk management to the final certified IRS & state filings plus delivery to the client of a secure & encrypted digital ACA Audit-in-a-Box.
To learn more about the magic of ACA_regtech* email us at firstname.lastname@example.org or CALL +1-508-655-3307. Those IRS deadlines are not far away. So we recommend you call soon.