ACA Reporting
ACA Compliance Lessons Learned From Recent Reporting Seasons
Common themes emerge when reflecting on recent ACA reporting seasons that can help employers reduce administrative burdens and improve accuracy.
ACA Reporting
Final ACA Forms and Instructions
As these forms play an important role in Affordable Care Act (ACA) reporting, it’s important for HR professionals to familiarize themselves with any changes and begin...
Simplify ACA Reporting with Our Affordable and Accurate Solution
The IRS has released the final versions of the 2024 Forms 1094-B, 1095-B, 1094-C, 1095-C, and the corresponding instructions. As these forms play an important role in Affordable Care Act (ACA) reporting, it’s important for HR professionals to familiarize themselves with any changes and begin preparing for compliance in the upcoming year.
Key Updates for 2024
The forms for 2024 continue to support ACA requirements for health coverage reporting, and while there are no major structural changes to the forms themselves, it’s essential to review the instructions closely to ensure proper filing. The 1094-B and 1095-B forms are used by employers who provide minimum essential coverage (MEC), while the 1094-C and 1095-C forms are required for applicable large employers (ALEs) who must report their compliance with the employer mandate.
These forms provide detailed information about employee health coverage, including whether the coverage meets ACA requirements for affordability and minimum essential coverage. Ensuring accurate reporting is critical to avoid potential IRS penalties.
Upcoming Deadlines
For 2024 reporting, the IRS deadlines are as follows:
- March 3, 2025: Deadline to provide Forms 1095-B and 1095-C to employees.
- March 31, 2025: Deadline for electronic filing with the IRS.
Ensuring Compliance
To stay compliant, employers should:
- Review Forms and Instructions: Ensure you understand the reporting requirements by carefully reviewing the final versions of the 1094 and 1095 forms and their instructions.
- Coordinate with Vendors: If you work with a third-party vendor for ACA reporting, now is the time to confirm their readiness for the 2024 filing. If BAS handles your ACA compliance, rest assured we are ready to ensure your compliance with 2024 ACA reporting requirements.
- Audit Employee Data: Ensure that employee health coverage information is accurate and up to date to avoid discrepancies during reporting.
By preparing now and understanding the final requirements, HR departments can avoid delays and penalties, ensuring a smooth ACA reporting process for 2024.
Benefit Allocation Systems (BAS) provides online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 integrates with major insurance carriers for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and others), and with leading payroll platforms for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and others).
This article is for informational purposes only and is not intended as legal, tax, or benefits advice. Readers should not rely on this information for taking (or not taking) any action relating to employment, compliance, or benefits. Always consult with a qualified professional before making decisions based on this content.
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