With the IRS penalty letters that are currently being distributed for tax year 2017, prior year filing is becoming an issue. Many ACA Reporting vendors don’t offer prior year filing to their clients.
If this is a service that your organization needs, be sure to carefully vet your reporting vendor before choosing them.
As the IRS continues to release penalty notices for prior tax years, more and more organizations may find themselves in trouble. That’s why you should know that prior year filing is an option.
What Is Prior Year Filing?
Prior year filing is exactly what it sounds like. The IRS requires applicable large employers to file their ACA Forms annually. If you miss a year for some reason, the IRS will require you to file for that year, even if it has already passed.
Who Needs Prior Year Filing?
Prior year filing addresses many issues that organizations may have, including the following.
Maybe you didn’t file for a past year because you didn’t know that you were considered an applicable large employer(ALE). If you had less than 50 employees, you may have made this assumption.
You may not have realized that being part of an aggregate business or having a significant number of part-time workers qualified you as an ALE by the IRS. Therefore, you were actually required to file.
Have you received a penalty from your prior year reporting? If you made errors in your past year filing but never made corrections to these errors, you will be penalized by the IRS. You will need a reporting vendor with the ability to submit prior year filing to assist you.
When you act in good faith and file your prior years correctly, the IRS is much more likely to work with you.
Does ACAwise Offer Prior Year Filing?
Yes! ACAwise does offer prior year filing to their clients! Our experts can keep you compliant by filing the necessary prior years with the IRS. We make the complex ACA reporting much more simple!
How Does ACAwise Work For You?
Once you are set up with an ACAwise account, all you have to do is provide your basic business information and upload your employee information. We accept many different file formats to make this as convenient as possible for our clients.
Once ACAwise has this information, our experts will take over! We will begin to generate your codes and populate your 1095 Forms. Remember, you are able to weigh in throughout the process. The ACAwise team will notify you with any errors that need addressing. At ACAwise, the experts do the work for you!