Handling Form 1095 isn’t so difficult anymore, right? Wrong! This winter, two new developments will add to the complexity and risk of complying with your Affordable Care Act mandate to provide health care information reporting to employees.
First, the IRS is still firming up changes to the e-filing rules. If all your W-2s, 1099s and 1095s add up to at least 100, you’re now a mandatory e-filer, and that means you’ll have to jump through a bunch of new hoops. And penalties have more than doubled for filing incorrect returns (or returns filed in the wrong medium). Second, while the Form 1095-C hasn’t changed much, the IRS has eliminated the good-faith penalty relief for failing to furnish forms to employees on time.
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 is an authoritative transmittal?
Get answers to all these timely questions—plus your specific ACA reporting worries—from a true payroll expert, attorney Alice Gilman, editor of Payroll Legal Alert. This is your best chance to get everything right and avoid those pricy penalties!