ACA COMPLIANCE – SOME DATES TO REMEMBER
It’s hard to believe the Affordable Care Act was signed into law in 2010. It seems like it has been in existence much longer than that. Perhaps this is partially due to all the changes that take place, sometimes monthly. Just when you think you have mastered its nuances, another update comes along. There is no real way of simplifying reporting requirements as a whole. Additionally, for mid-sized companies (50 or more full-time or equivalent employees), there is no extra year of relief from reporting.
Here, we simplify the general requirements for employers who fall under the mid-sized company’s criteria, and some critical 2016 dates.
- Applicable Large Employers (ALE) will complete the “C” reporting regardless of whether sponsoring or participating in a fully insured or self-funded plan.
- Insurance carriers (with some exceptions) will complete the “B” reporting.
- Forms 1095-B and 1095-C were due to employees by March 31, 2016.
- Forms 1094-B, 1095-B, 1094-C and 1095-C were required to be filed with the IRS if filing on paper by May 31, 2016.
- Forms 1094-B, 1095-B, 1094-C and 1095-C were required to be filed with the IRS if filing electronically by June 30, 2016.
For more information about all of the ACA Compliance Updates, please visit our ACA Alert page, where you can sign up to receive future ACA Alerts.