Effective January 2016, affected businesses are required to file information with the Internal Revenue Service (IRS) to demonstrate what benefits the employer offered to its employees the previous calendar year.
These forms, known as 1094/1095, will gather information that includes:
- Employee Data for all employees, current or terminated, who were eligible for benefits at any point during the prior calendar year.
- Coverage offered and provided, including the employee’s financial responsibility.
- Verification that coverage was offered each of the 12 months (or eligible periods) for the prior year.
This data will need to be entered into forms that are then to be delivered to the IRS and provided to all employees, current or terminated, who were eligible for benefits during the prior calendar year.
- The delivery deadline for 1095 forms (which are to be provided to eligible form recipients) was originally January 31, 2019, but has been extended to March 4, 2019.
- The filing deadline for forms 1094/1095 to be manually filed with the IRS is February 28, 2019. The deadline for electronic filing with the IRS is April 1, 2019.
- The IRS has begun to levy penalties for prior ACA Reporting seasons, and intends to continue this year as well.
KY&Y Consulting has a team of ACA specialists here to assist your business. Our team can handle any/all of the following tasks:
- Delivery of an instruction kit and corresponding template for 1094/1095 form completion.
- Determination of which forms need to be completed, for whom, and applicable deadlines.
- Collection, structuring, and coding of all required data.
- Entry of all data into 1094/1095 forms.
- Output, IRS filing, and distribution of forms 1094/1095.
- Review of errors including coding, social security numbers, and other data errors.
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