Posts Tagged ‘Form 1095-C’

IRS Gives Business Owners The Gift Of More Time

Monday, January 4th, 2016
Form 1095 Deadline Extended - Ohio CPA Firm

Failure to comply with provisions set forth in the ACA can lead to catastrophic penalties, which is why we have actively sought to inform business owners of their responsibility to file Form 1095-C. Unfortunately, we knew that while we could successfully inform many businesses in advance of the original deadline – some were going to be left behind. Time, it seemed, just wasn’t on our side. But the IRS saw this threat and, as 2015 came to a close, took action to delay the 1095-C reporting deadline – (hopefully) keeping many small businesses intact.

While some taxpayers may be rejoicing after learning that the IRS has delayed 1095-C reporting deadline, it’s important to remember that this late Christmas gift may not be as great as it seems – especially when it comes to meeting the deadline to file your individual tax return.

Read Also: Make BIG Changes Or Face BIG Fines

1095-C Reporting Deadline Postponed

As you may already know, failure to comply with provisions set forth in the Affordable Care Act can lead to catastrophic penalties, which is why we have actively sought to inform business owners of their responsibility to file Form 1095-C. Unfortunately, we knew that while we could successfully inform many businesses in advance of the original Jan. 31 deadline – some were going to be left behind. Time, it seemed, just wasn’t on our side. But the IRS saw this threat and, as 2015 came to a close, took action to delay the 1095-C reporting deadline – (hopefully) keeping many small businesses in tact.

Employers now have until March 31 to provide employees with Form 1095-C and the deadline to file the form electronically with the IRS was moved to June 30. The IRS also extended the deadlines for 1095-Bs to these new dates as well.

Remember, all 2014 large employers are required to file these forms, based on 2015 data. Per employee penalties will accrue for those who file late or fail to file. Some businesses may be considered large employers under the ACA, and not even know it; but there are ways to determine your employer status before it’s too late.

That Sounds Great, Except …

Now for the bad news – there will be some individual tax payers who may not get these forms to us until the first week of April. For most taxpayers, this will simply require some additional due diligence with no delay to filing their tax return. However, there will be some individuals who will likely have to file an extension if they do not get their forms in time. Don’t be afraid of tax extensions. As long as you work proactively with your tax advisor, there is absolutely nothing to worry about. In fact, filing a tax extension could be very helpful. Click here to get “The Truth About Tax Extensions”

You Do Not Have Permission To Do Nothing

You’ve been given extra time. Now let’s make the most of it. Rea & Associates is still accepting new clients for 1095-C Form preparation projects, And, as we have previously stated, the top payroll companies are already booked to capacity with wait lists growing by the day. If you haven’t started on this project yet and know that you should, take advantage of this delay and email me for help. My team here at Rea can also help you determine if your business is considered a large employer – which can keep you from being blindsided when the IRS determines that you do, indeed meet the large employer qualifications.

By Joe Popp, JD, LLM (Dublin office)

Want to learn more about your responsibilities under the ACA? These articles will provide you with more insight:

The Cost Of Reimbursing Employees For Health Care

Obamacare: Discrimination Is Not An Option

Secure Form 1095-C Help Now And Avoid Penalties

 

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When the ACA Tops The Charts, Joe Popp Provides The Play-By-Play

Thursday, December 17th, 2015

What do you know about the new Affordable Care Act’s filing requirements?

Well, if you are a large employer (an employer with 50 or more full-time employees or full time equivalent (FTE) employees), for example, you should be in the process of preparing your 1095-C forms to distribute to employees before the Jan. 31, 2016 deadline. But that’s not all …

I recently spoke with Gary Hunt, senior content editor for the Ohio Society of CPAs, about the “ACA’s latest hits” for an episode of OSCPA Spotlight video series. During this interview, I went into some more detail about the forms large employers are required to file per the ACA, specifically Form 1095-C.

So, if you want to know a little more, including who’s responsible for completing the forms and when they’re due, among other things, click on the video below or check it out on the OSCPA website.

You can also learn more about the services our team at Rea & Associates is offering large employers who are scrambling to meet the deadline – I mentioned this at the end of the segment – when you visit www.reacpa.com/affordable-care-act-consulting.

Don’t say we didn’t warn ya! Here are some more resources that shine light on the upcoming ACA filing requirements:

Secure Form 1095-C Help Now And Avoid Penalties

Make BIG Changes Or Face BIG Fines

The Cost Of Reimbursing Employees For Health Care

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Secure Form 1095-C Help Now And Avoid Penalties

Monday, December 14th, 2015
Form 1095-C Preparation Service | Rea & Associates | Ohio CPA Firm

Finding out you are an Applicable Large Employer is a hard pill to swallow. Finding out you are an Applicable Large Employer after the IRS penalizes you for not filing Form 1095-C is even harder. It’s not too late to get help – yet. Read on to learn more.

If you haven’t made arrangements to complete your company’s Form 1095-C yet, you can’t afford to put it off any longer.

What is Form 1095-C?

Think of the 1095-C like a W-2, but for health insurance instead of wages. It’s a mandatory form applicable large employers (ALEs) must complete. There are non-filing penalties that start small but could lead to larger penalties, such as the pay or play penalty ($2,000 per employee, per year).

Read Also: Make BIG Changes Or Face BIG Fines

Most of the time, it’s pretty easy to tell if your company is an Applicable Large Employer – other times, it’s not as clear. For example, you might have only a few full time employees but lots of part time employees. Every hour a part time worker works counts toward your large employer status. So, if you aren’t quite sure whether your business is actually required to file Form 1095-C, you need to work with an ACA expert immediately.

What Happens If I Don’t File?

The 1095-C is the form that tells the IRS if the employer should be penalized or not, whether the employee should be penalized or not, and if the employee or members of the employee’s family is eligible for premium subsidies. If you don’t file the form, how do you think the IRS will answer these questions? “Yes,” “Yes,” and “No” would be a good guess.

Both the employer and the employees have to do something to avoid being penalized – employer has to offer coverage and employee has to have coverage. If you don’t file, it is likely to cause trouble to both the employer and the employees – and you’ll end up having to file the forms anyway, in addition to the employer paying the late penalties and everyone having to deal with cleaning up all the notices from the IRS.

Am I Too Late?

Unfortunately, business owners nationwide are having problems finding a service provider who can help them locate the information needed to complete the form. Some payroll providers will offer their assistance, but they will likely require you to buy more services than you want or need to do it. Fortunately, you do have another option – Rea & Associates.

Ours is one of only a few firms offering stand-alone 1095-C service. Not only will our experts generate the 1095-C Forms you need, they will help you retrieve the data you already track and have access to or that you would have to retrieve from your service provider anyway.

But time is still of the essence. Don’t wait! Learn more about our Form 1095-C Preparation Services and then call me at 614.923.6577 to talk about your specific needs.

By Joe Popp, JD, LLM (Dublin office)

Want to learn more about your responsibility under the Affordable Care Act? Check out these articles:

The Cost Of Reimbursing Employees For Health Care

Obamacare: Discrimination Is Not An Option

What You Need To Know About Obamacare Employee Dumping

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