Your Final Guidelines for ACA Reporting: Forms 1095-B and 1095-C
As promised, the IRS has finalized ACA Forms 1095-B and 1095-C just in time for businesses to begin their reporting process for tax year 2024!
To help you jumpstart your organization’s process, here is an overview of the updated forms, instructions, and new ACA reporting requirements for 2024 that will affect your filing method.
Let’s get started, here’s what you need to know before tackling your reporting this year.
Understanding the 1095 Forms: Purpose & Requirements
Our team deals with ACA Forms 1095 daily, but if you’re responsible for your organization’s reporting process, it’s likely been a year since you last completed them.
First things first, let’s recap the differences between the 1095-B and 1095-C forms.
- Form 1095-B is typically filed by health insurance providers, employers who provide self-insured health insurance plans to their employees, and any other organization offering health insurance coverage to individuals.
- Form 1095-C is usually filed by Applicable Large Employers (ALE). The IRS classifies any business with 50 or more full-time and full-time equivalent employees as an ALE.
For more information on Form 1095-B and 1095-C, check out their finalized instructions from the IRS here.
An Overview of Finalized IRS Guidelines for 2024
- Form 1095-B and 1095-C Deadlines: The IRS has permanently moved the deadlines for distributing recipient copies of these forms until March 2nd. However, meeting this deadline is crucial because there is no extension available for furnishing form copies. The ACA deadline to file electronic copies of these forms is still March 31st. The deadline for filing paper copies is still February 28th, however, the next IRS update may affect the filing method you choose this year,
- Your organization is likely required to e-file: Due to some drastic changes to the IRS e-filing thresholds for 2024, your business is likely required to file 1095 forms. Effective January 1, 2024, all businesses that file 10 or more information returns to the IRS will need to file electronically. This is a far cry from the 250 forms that the IRS has required up until this point. This new filing requirement will affect even the smallest businesses, but will certainly affect those that the IRS deems ALEs.
Meet the 2024 ACA Reporting Guidelines with ACAwise!
Since the inception of Affordable Care Act reporting, ACAwise has been a trusted partner for businesses striving to navigate the complex world of ACA compliance with the IRS. Our team of seasoned professionals specializes in handling the intricate details involved in filing Forms 1095 with the IRS, complying with state requirements, and ensuring timely distribution to employees and recipients.
In light of the recent shifts in e-filing regulations, ACAwise is here to not only help your business adapt but also streamline your entire reporting process.
Opt for ACA Core, the ultimate choice for simplified ACA reporting and seamless 1095 generation and e-filing. Our proficient team will craft your forms based on the data you provide, complete with accurate ACA 1095-C codes.
Alternatively, consider ACA Elite, which offers a comprehensive solution for your 1095 filing needs. With our Elite service, our team not only generates Forms 1095 but also handles the meticulous task of choosing the required codes on Form 1095-C.
Both ACA Core and ACA Elite grant you the convenience of uploading your data effortlessly. Additionally, you can take advantage of various supplementary services, including TIN Matching, Postal Mailing for recipient copies, online access to recipient copies, and state e-filing.
Ready to learn what else ACAwise can bring to the table for your business? Get in touch with us today to initiate a conversation with our team about your filing requirements and secure your spot for the upcoming reporting season!
