BTerrell Group Blog

The Affordable Care Act (ACA) requires applicable large employers to file two IRS forms on an annual basis.  That may seem simple enough; however, if data needed for those forms can’t be easily captured from your business systems, then plenty can go wrong.  Don’t put your business at risk for expensive fines and penalties for noncompliance.  Make sure your business is ready for ACA today.

The deadline has arrived for businesses with 50 or more full-time employees or full time equivalents (FTEs) to start tracking the data needed for ACA reporting.  As discussed in “New Information-Reporting Requirements for Employers Under the Affordable Care Act,” posted by Jenny Smerud on TheTaxAdviser.com, there are two forms required for reporting:  IRS Form 1095-C, ‘Employer-Provided Health Insurance Offer and Coverage’ and IRS Form 1094-C, ‘Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns.’  The forms include detailed information about the employer and each employee, as well as the coverage offered, the coverage accepted, and premium values for each employee – each month.  Employers must monitor whether minimum essential coverage providing minimum value was offered to their employee, and family, each month.  Take a look at 1095-C: Reporting Requirements: A Step-by-Step Guide, a presentation prepared by Mario K. Castillo, General Counsel at Lone Star College System.  Castillo has written articles, guides, and handbooks about the ACA, and has spent time researching the ACA legislation.  This presentation offers a simple approach that you can use to point your business in the right direction. 

The type of information required for these IRS forms could very well be located in multiple human resources software systems, making it even harder to monitor, compile, and use in reporting.  Missing or inaccurate information could lead to thousands of dollars in fines, which is why many businesses are actively looking for a stronger, integrated solution that can support ACA reporting, as well as other human resources operations. 

Today’s business solutions can make it easier to manage business and human resources activities, and comply with the ACA and other regulatory requirements.  Contact the BTerrell Group for additional guidance with making sure you understand what is needed for the ACA forms and to put the technology in place to streamline the entire ACA reporting process. 

By BTerrell Group, an Intacct Premier Partner and Sage ERP Partner

Keywords:  Affordable Care Act, start tracking the data needed for ACA reporting, IRS Form 1095-C, human resources software systems, integrated solution that can support ACA reporting, manage business and human resources activities, comply with the ACA and other regulatory requirements, streamline the entire ACA reporting process, Intacct Premier Partner, Sage ERP Partner