As the deadline for meeting the employer reporting requirements under the Affordable Care Act draws closer, it’s critical that employers take steps to ensure that they will be ready to file Form 1094-C and Form 1095-C.
While we await the final versions of those forms, the IRS has released draft forms that employers can use as a starting point. In addition, we encourage you to download our compliance checklist for ACA reporting as well.
In regards to meeting this compliance requirement, we recognize that many groups will work through a third-party, such as their payroll vendor or provider of their benefits administration software. However, for those that plan on submitting reporting forms directly to the IRS, please take note of the information that was recently released about that process.
New Electronic Filing Steps
The electronic filing system that will be used by the IRS is known as the ACA Information Return (AIR) system. Employers that plan to file directly, as well as insurers and third-party fulfillment or filing software developers, are required to complete the following steps prior to being able to electronically submit any Reporting Forms:
- Register with the IRS’s e-services website, including submission of personal information about the person registering for the Submitting Entity
- Obtain an AIR Transmitter Control Code (TCC), a unique identifier authorizing each Submitting Entity to submit the Reporting Forms
- Pass a series of technical/system tests to ensure that Reporting Forms will be properly submitted when due
While the first two steps can be completed now, it is expected that the third step will become available later this year.
For more information on the AIR program, please click here.
Do you have any questions about how your company can meet its ACA compliance requirements? Please contact the CBG Benefits team today at 781-759-1222 or via email at info@CBGBenefits.com.