Winter is crunch time for complying with your Affordable Care Act mandate to provide health care information reporting to employees. And while the pandemic means you’ll have an extra month (until March 1), the bad news is that the IRS isn’t going easy on you anymore.
The pandemic forced the IRS to ease up on enforcement this year, but it’s planning to make up for this in 2021 by fully enforcing the employer mandate and assessing strict penalties for mistakes on your Form 1095 and 1094. And penalties have more than DOUBLED for filing incorrect returns. Is your organization ready?
Who has to file these forms this year? Which forms do you file—1095-C or 1095-B? What are the new deadlines? Must all employees be given the forms? What counts as an “offer of insurance”? What’s an authoritative transmittal?
Get answers to these questions—plus your specific ACA reporting questions—from a true payroll expert, attorney Alice Gilman, editor of Payroll Legal Alert.