ACA Reporting Requirements For Business Owners

MURRAY, Utah - May 19, 2016 - PRLog -- Staying in the know is a crucial component to running a successful business. Last week the U.S. Treasury and the IRS announced an ACA reporting requirements extension for distributing information to employees.

While the IRS is prepared to receive documentation of health coverage by employers, because of feedback from businesses, the required deadlines to report this information to both employees and the IRS has been pushed back.  According to a press release, Assistant Secretary for the Tax Policy, Mark Mazur commented, " As part of our efforts to implement the ACA in a careful and thoughtful way, the Treasury Department and the IRS are responding to feedback from private sector businesses and insurers and providing additional time for employer and insurer reporting under the ACA for the first year,"

We have made a commitment at MBA to keeping you informed about regulation milestones, and updates to the ACA that impact your business. If you are unsure how this information impacts your business, please contact our office today.

Employers and Issuers:

• By March 31, 2016

Employers must fill out, address and mail employees with the 1095-C (https://www.irs.gov/pub/irs-pdf/f1095c.pdf)  forms reporting on offers of health coverage and coverage provided.
• By May 31, 2016 (if filing by paper)
Employers must fill out 1094-C (https://www.irs.gov/pub/irs-pdf/f1094c.pdf)  and 1095-C (https://www.irs.gov/pub/irs-pdf/f1095c.pdf) form and submit them to the IRS.
• June 30, 2016 (if filing electronically)
Employers must fill out 1094-C (https://www.irs.gov/pub/irs-pdf/f1094c.pdf)  and 1095-C (https://www.irs.gov/pub/irs-pdf/f1095c.pdf) form and submit them to the IRS.
• To receive a one month extension for IRS transmission fill out Form 8809. (http://snip.ly/3zwD#https://www.irs.gov/pub/irs-pdf/f8809.pdf)  Requirements remain the same for employee form delivery date.