The Affordable Care Act (ACA) adds significant new reporting requirements for most employers, especially those with 50+ employees during 2015.  The ACA requires completely new reporting requirements and forms that will take time to understand and prepare.

Here are 5 things you should know:

  • The reporting requirements are set forth in sections 6056 and 6056 of the ACA
  • Individual (employee) statements must be issued by February 1, 2016
  • IRS returns are required by February 29, 2016 (March 31 if electronically filed)
  • Substantial penalties may be imposed for failure to timely file information or for providing incorrect information
  • Start preparing now by becoming familiar with the ACA requirements; find a software solution or outsourcing option to comply with the reporting requirements; put people and systems in place so you are prepared

Attached is a brief presentation on the ACA Health Coverage Reporting requirements.  Please contact Mark Guiley, CPA at 541-342-5161.