Don’t Miss the Deadline: File Your ACA Forms 1095-B & 1095-C Easily with Tax1099
*FAYETTEVILLE, AR and DALLAS, TX / ACCESSWIRE / February 20, 2024 /* As we move beyond the initial rush of tax season, employers are urged to remain mindful of their responsibilities concerning the Affordable Care Act (ACA) reporting requirements. Central to this obligation are two essential forms: the 1095-B and 1095-C, which play a significant role in ensuring compliance with ACA regulations.
*What are Form 1095-B and Form 1095-C?*
*Form 1095-B:* This form reports information about *employer-sponsored health insurance* offered to individuals *outside of the Health Insurance Marketplace* . It details the months of coverage for each enrolled individual, including dependents.
*Form 1095-C:* This form reports information about *employer-sponsored health insurance* offered to *full-time employees* of *applicable large employers (ALEs)* , regardless of whether the employee enrolled in the plan. It also applies to *part-time employees *(Whose work hours are *min 30hr* s per week) who enrolled in *self-insured coverage* offered by an ALE.
*Who Needs to File These Forms?*
*Form 1095-B:*
*Health insurance issuers or carriers* are responsible for filing Form 1095-B for all *insured employer coverage* .
*Plan sponsors* are responsible for reporting *self-insured employer coverage* . However, *ALE sponsors* who are subject to the employer shared responsibility provisions must use Form 1095-C instead.
*Form 1095-C:*
*ALE sponsors* subject to the employer shared responsibility provisions must file Form 1095-C for all *full-time employees* and *part-time employees enrolled in self-insured coverage* .
*Deadlines and Important Dates*
*1095-B Due*
*Filing Type* *Due Date*
Recipient Copy March 1st, 2024
IRS eFile April 1st, 2024
IRS Paper Filing Feb 28th, 2024
*1095-C Due*
*Filing Type* *Due Date*
Employee Copy Distribution March 1st, 2024
IRS eFile April 1st, 2024
IRS Paper Filing Feb 28th, 2024
*Note: *If you need more time to file your 1095-C, file IRS Form 8890 for a 30-day extension.
*Challenges for Businesses while eFiling ACA Forms:*
*Data Collection:* Gathering accurate employee and coverage information can be time-consuming and prone to errors, work with your HR team to collect this information.
*Compliance Complexities:* Most IRS interactions are driven from the financial side of the business, the 1095 relies on the HR function who are very well versed in many compliance areas, but the IRS requirements may be new to them
*Time Sensitivity: *Deadlines for filing are strict, leaving little room for mistakes or delays.
*Tax1099: Your Solution Partner:*
Tax1099 simplifies ACA reporting by offering a comprehensive, user-friendly platform. Features include:
*Data Integration: *Seamlessly import employee and coverage data from existing payroll or HR systems.
*Error Detection and Correction:* Built-in validation tools identify and resolve data inconsistencies before submission.
*Easy Form Completion:* Streamlined interface guides you through each form, ensuring accuracy and completeness.
*Secure Electronic Filing:* Submit directly to the IRS electronically , eliminating paper filing hassle.
*Beyond Compliance:*
Tax1099 offers additional benefits beyond just filing correctly:
Cost Savings: Reduce labor costs and avoid potential IRS penalties.
Improved Data Insights: Gain valuable insights into employee health plan utilization.
Peace of Mind: Focus on your core business, knowing your ACA reporting is in good hands.
*Conclusion:*
Filing Forms 1095-B and 1095-C shouldn't be a headache. By partnering with Tax1099 , you can navigate the ACA maze with confidence, easing the work to be in compliance, all while reducing costs. Take control of your ACA reporting today.
*About Tax1099: *Tax1099 , an IRS-authorized digital tax compliance service, simplifies tax filing for over 50,000 businesses nationwide. Offering 40+ federal and state-compliant electronic returns, 12+ data management integrations , API integration, secure document management, Bulk filing, and 24/7 customer support, Tax1099 is a leading tax filing solution provider.
*About Zenwork Inc: *Zenwork Inc., the parent company of Tax1099 and backed by Spectrum Equity, is a key player in digital tax compliance and regulatory reporting technology. With a decade of experience, Zenwork Inc. has assisted over 150,000 businesses and 30,000 CPA firms in simplifying compliance. Learn more about Zenwork and its products at www.zenwork.com , www.tax1099.com , and www.compliancely.com .
*Contact:*
Ed Pratt
Zenwork, Inc.
ed@zenwork.com
*SOURCE:* ZENWORK INC
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