The IRS Mandates E-filing For ACA 1095-B/C Forms: E-File & Distribute Copies By March 1, 2024 With TaxBandits
*ROCK HILL, SC / ACCESSWIRE / February 21, 2024 / *Another set of major IRS deadlines is approaching that will affect businesses and insurance coverage providers across the U.S. Under the Affordable Care Act (ACA), certain businesses and providers that offer health coverage to individuals must file and distribute recipient copies of 1095 Forms annually.
The deadlines for ACA reporting include the deadline to distribute employee/recipient copies on *March 1, 2024*, and the deadline to file 1095-C and 1095-B electronically with the IRS on *April 1, 2024.*
*ACA Reporting Requirements and Mandated E-filing*
ACA Forms 1095 are used for reporting specific information about the health insurance coverage that was offered to employees/covered individuals throughout the tax year. This information allows the IRS to verify that the coverage offered met the Minimum Essential Coverage (MEC) requirements laid out by the ACA.
Businesses filing more than 10 of any information return type must now file electronically, a crucial step for those handling the ACA reporting process. With the IRS mandating electronic filing for these forms, businesses, and health coverage providers must select an IRS-authorized e-file provider to streamline their filing obligations for the 2023 tax year.
*Simplified E-filing of ACA Forms 1095-B/C with TaxBandits:*
TaxBandits, an IRS-authorized e-file provider of payroll and employment tax forms offers a simple solution for e-filing and distributing ACA Form 1095-B & Form 1095-C as required by the IRS. This streamlined filing process is designed for ease and accuracy when filing any volume of forms. There is no need for a Transmitter Control Code (TCC) because TaxBandits handles this part of the process.
*TaxBandits' Features for Streamlined ACA Reporting*
The TaxBandits application is designed to promote easy and accurate filing with time-saving features such as:
· *Bulk Upload Templates - *Bringing 1095 filing information to TaxBandits is an easy process. Clients can download and complete the provided 1095 Excel templates, uploading the information to their accounts for seamless form generation at any volume.
· *Built-in Error Check - *The IRS Business Rules are built into the TaxBandits filing flow to catch common errors that can lead to IRS rejections. This promotes the overall accuracy of the filing process.
· *Instant Status Updates - *TaxBandits provides notifications both by email and directly in the account so their clients can track the forms they file from transmittal to acceptance. Rejected returns can be corrected and retransmitted to the IRS at no additional cost.
· *ACA State Filing - *In addition to filing with the IRS, TaxBandits supports the filing and distribution of forms with all of the states that require it. Clients can even opt-in to a *state-only filing* option for ACA Forms.
· *ACA 1095 Corrections -* TaxBandits provides the option to correct errors on previously filed 1095-B/C and 1094-C Forms. Clients can choose to distribute the corrected recipient copies through either Postal Mailing or Online Access.
*TaxBandits Solutions for Recipient Copy Distribution*
*Postal Mailing Services -* Clients can entrust the TaxBandits team with the task of distributing recipient copies. All copies are printed and mailed from a SOC 2 Certified printing facility, with USPS Validations performed to ensure mailing to a verified address.
*Secure Online Access - *Instead of or in addition to postal mail, TaxBandits clients can choose to provide their employees/recipients with online access to their forms through a secure portal. This allows recipients to retrieve their forms anytime, anywhere, eliminating the need to print and mail additional copies in case they are lost months or even years later.
When asked about the ACA reporting solution from TaxBandits, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises (parent company of TaxBandits), responded by stating, "At TaxBandits, we are proud to present an efficient e-filing and distribution process designed to aid businesses, providers, and tax professionals in meeting their IRS deadlines seamlessly, irrespective of the scale of forms to be filed. Our dedicated team is ready to support clients of various sizes and requirements, ensuring a smooth and compliant tax filing experience."
To begin e-filing ACA Forms 1094 and 1095-B/C for the 2023 tax year, visit taxbandits.com and create a free account.
*About TaxBandits*
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of Forms 1099, Form W-2, 1095, 940, 941, and Fillable W-9, serving businesses, service providers, and tax professionals of every shape and size.
*About SPAN Enterprises*
SPAN Enterprises is the parent company of TaxBandits and a variety of other business management and e-filing applications. Located in the small city of Rock Hill, SC, SPAN Enterprises proves that big ideas grow in small towns.
With existing Business Management and E-filing Applications such as TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at stephanie@spanenterprises.com.
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*SOURCE: *TaxBandits
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