With the IRS penalty letters that are currently being distributed, prior year filing is becoming a necessity for many applicable large employers. 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.
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 any reason, the IRS will require you to file for that year, even if it has already passed.
Why Would I Need Prior Year Filing?
There are a few reasons that you may need prior year filing services.
Maybe you didn’t file for a past year because you didn’t know that you were considered an applicable large employer. If you had less than 50 employees, you may have made this assumption. Although being part of an aggregate business or having a significant number of part-time workers may have qualified you as an applicable employer, and therefore you were actually required to file.
Have you received a penalty from a past year of 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. That alone is motivation to put together a plan to resolve your filing missteps.
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!
What Is The ACAwise Process?
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 and fix them for you. At ACAwise, the experts do the work for you!