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The Employer Shared Responsibility Penalty (ESRP), introduced by the Affordable Care Act, requires applicable large employers (ALEs) to offer affordable and minimum value health coverage to their full-time employees (and their dependents), or to potentially pay tax penalties to the IRS. Whether you are new to the ESRP or your company is newly subject to the ESRP, this article covers some of the key details.
We receive questions from employers almost daily on how to comply with these complex reporting requirements in various common (and unusual) situations and scenarios. To help with those questions, we have created 25 different ACA reporting tips for employers to use as guides when completing their Forms 1094C/1095C. These tips address some of the most common ACA reporting issues employers face, including helpful hints, tips and samples of completed Forms 1094C/1095C.
The IRS recently released final 2020 Forms 1094-C and 1095-C and applicable instructions ahead of Affordable Care Act (ACA) reporting for 2020. As a reminder, applicable large employers (“ALEs”) must furnish Form 1095-C to full-time employees and file Form 1094-C and all 1095-Cs with the IRS. ALEs offering a self-insured group health plan must also furnish Forms 1095-C to covered employees or other primary insured individuals in the self-funded health plan (e.g., COBRA qualified beneficiaries). Additionally, due to the COVID-19 pandemic and challenges to business operations, ALEs may have variations to their reporting for 2020 due to furloughs and/or layoffs.
The answer to the question "What's up with the ACA?" can change from month to month. See Part I for my thoughts on the ACA earlier this year. Here are some insights into what is happening with the Affordable Care Act (ACA) right now. As the Affordable Care Act continues to evolve, we strive to bring you the latest changes and the potential impact on your business.
As you may have seen in various media reports on Friday, December 14, 2018, a federal district court in Texas ruled that the entire Affordable Care Act (ACA) was unconstitutional. Does that mean employers can stop working on their 2018 1094C/1095C reports, ignore employer-shared responsibility penalty notices from the IRS, and start kicking adult children and individuals with pre-existing health conditions off their health plans? Not just yet.
As many employers work feverishly through open enrollment for the 2019 plan year, it’s important not to forget about every benefit professional’s other favorite year-end activity — 1094C/1095C reporting! The end of the individual mandate penalty in 2019 does not change an employer’s 1094C/1095C reporting obligations for 2018 when the individual mandate was still in effect. More importantly, the information reported on the 1094C/1095C forms relates primarily to the employer mandate (also known as the Employer Shared Responsibility Penalty or ESRP) which is not going away.
It’s that time of year — unfortunately. Many employers hoped that efforts to dismantle the Affordable Care Act (ACA) earlier this year would mean they would no longer have to worry about 1094C/1095C reporting. But the repeal efforts failed, the ACA remains the law of the land, and now it’s time to start working on the 2017 ACA reports.
The Affordable Care Act’s (ACA’s) employer shared responsibility penalties (a/k/a “play or pay” penalties) were initially supposed to be effective starting in 2014, but the Obama administration delayed the effective dates and has not actually attempted to collect these penalties. Many people questioned whether they ever would, especially given the change in administration after last fall’s election. But that is apparently about to change.
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