If you are filing for an applicable large employee or a professional employment organization, then you are no stranger to submitting ACA forms with the IRS. You are aware that it is not always a smooth process and it is almost never a stress-free process.
Are you filing your forms electronically? If not, you should consider trying it this year. The IRS itself even recommends that you file electronically. If you are an employer in New Jersey then you are now required to e-file.
Now, e-filing doesn’t guarantee your forms will be accepted, but you will have more time if you need to make corrections! When you e-file with the IRS you will automatically get one of six responses.
If you transmit your ACA Forms and receive the status of accepted, then you can breath a big sigh of relief! This means that your forms are in good shape. There are no discrepancies between what you reported on your 1094-C and 1095-C forms and the information in the IRS database. This is exactly what you want to hear, you’re good to go!
Accepted With Errors
This status is less than ideal, but don’t dismay! This means there are some discrepancies between the forms that you transmitted and the information in the IRS database. However, these errors are fixable and you can resolve them pretty quickly.
If you receive this status then it simply means that your forms are still in the process of being transmitted. There is no need to worry yet, just wait.
This status is fairly straightforward. A portion of your forms are fine and have been accepted, that’s the good news. Nonetheless, another portion of your submission is filled with more complex discrepancies. Relax, your forms haven’t been rejected, but you will need to correct a fair amount of mistakes moving forward.
This means that your transmission was not located by the IRS. In simple terms, there was an error in transmitting your forms. What should you do to resolve this? Be sure to take a look at your information to insure that it is correct, then retransmit your forms.
No one wants to be rejected, but it isn’t the end of the world. Although it may cause you a headache, it is still a fixable situation. In this case you had some errors in your forms that were pretty serious.
You may have even submitted your forms using the wrong format. At this point it is no longer a case of correcting your existing submission. Now you need to replace your submission with a correct version.
If your submission is rejected by the IRS, you will be especially glad that you e-filed rather than paper-filing! If you had submitted paper forms then time would not be on your side. You wouldn’t be finding out about your rejection for a few weeks, but because you e-filed you learned this right away. Now you will have more time to figure out what went wrong and how to file correctly in the future.
E-filing can make your life easier when it comes to ACA compliance, but ACAwise can take out the guesswork completely! This reporting solution can generate your forms for you! We can also catch any mistakes before we transmit them to the IRS. We take the risk out of reporting with our simplified process! Never worry about IRS rejection again!