It’s that time of the year again! The holiday season is almost upon us, and we are surrounded by the festive vibes. While it may feel a bit early to think about the 2023 ACA reporting season, it’s better to get well in advance so you can avoid the last-minute rush when the deadlines arrive.
With ACAwise here to help, you won’t have to worry about meeting your ACA reporting requirements! The sooner you get started, the sooner we can alleviate the burden of reporting from your business.
Are There Any Changes to ACA Reporting Requirements for 2023 Tax Year 2023?
While the IRS hasn’t made any significant changes to the ACA Form 1095-B and 1095-C for the 2023 tax year, the reporting requirements for Applicable Large Employers (ALEs) and healthcare providers remain the same.
However, there have been a few other changes made that you should be aware of:
Penalties – The IRS has adjusted the aca penalty for failing to comply with the ACA Reporting Requirements. Here are the updated penalty rates for the 2023 tax year.
Under Section 4980H(a) – the penalty rate is $2,880
Under Section 4980H(b) – the penalty rate is $4,320
Additionally, the penalty for failing to file accurate ACA 1095 Forms on time has also been increased. The penalty for failure to file a correct information return is $310 / return.
Affordability Percentage – Also, the ACA affordability percentage has been adjusted for the 2023 tax year to 9.12%.
When are the Deadlines for 2023 ACA Reporting?
These are the deadlines for filing Form 1095-C or 1095-B for the 2023 Tax year:
Recipient copy deadline for the 2023 tax year is March 1, 2024
E-filing 1095 deadline for the 2023 tax year – April 1, 2024 (Since the original deadline, March 31, falls on Sunday)
Lock In Your Spot with ACAwise for the 2023 ACA Reporting!
As the ACA season draws closer, now is the ideal time to get started with ACAwise. As a full-service ACA Reporting provider, our team can help you eliminate the administrative time, and complexities that are a part of your 2023 ACA Reporting process.
ACAwise lets you meet ACA compliance with both the federal and state. We also take care of recipient copy distribution.
You can choose from our two exclusive services:
ACA Core – If you have the ACA Form data readily available, you can opt for this service. We will generate ACA Form 1095-B or 1095-C along with the transmittal Form 1094, e-file with the IRS & State, and distribute the recipient copies.
ACA Elite– Don’t have the ACA data available? This is the solution you need! Just provide us with your payroll, benefits, and employee census data, and we will generate your ACA Forms, including ACA Codes, and complete the e-filing and distribution.