Your Ultimate ACA Year-End Reporting Tips


Know Your Deadlines…

Let’s start with the basics, you must know your deadlines. There are three major deadlines that you need to adhere to if you want to stay compliant with the IRS…and we ALL want to stay compliant with the IRS. 

The Recipient Copy Deadline

You must furnish all of your employee’s or your client’s employees by March 2, 2020. 

The Deadline to Paper File

The Deadline to paper file is February 28, 2020. If you have less than 250 employees, the IRS allows you to paper file. However, the IRS suggests to e-file ACA forms.

The Deadline to E-file

If you choose to file electronically, then you must file by March 31st, 2020.
IRS recommends filing ACA forms to get instant status.

Know Your ALE Status…

Is your organization considered an applicable large employer (ALE)? If you’re not sure you’ll need to figure this out FAST! Why?

Under IRS Section 6056, employers with more than 50 employees are considered ALE.

These employers must provide health coverage that meets the minimum essential coverage (MEC) guidelines to their employees.

Filing the ACA Form 1094 and Forms 1095 is required to report this information to the IRS.

Know Your ACA Reporting Requirements

If you are required to report, there are a few forms that you will need to know about. 

Form 1094-B

This form is basically a summary page for the 1095-B Forms. 

Form 1094-C

This Form is a summary page for the 1095-C Forms.

Form 1095-B

This Form is typically filed by health insurance issuers and carriers. This reports the status of an individual’s health insurance during each month of the year.  

Form 1095-C

This Form is typically filed by ALEs. This reports the status of an employees’ health insurance during each month of the year. The lines 14, 15, and 16 are crucial areas of the form to focus on.

Know Your ACA 1095-C Line 14 and 16 Codes… Or Find Someone Who Does…

The most difficult aspect of ACA reporting is generating the necessary codes for Form 1095. These codes are significant because they indicate your offer of affordable health insurance. They also indicate your employee’s health coverage for each month of the year.

If you are highly experienced with ACA reporting and are able to generate your own codes, that’s awesome!

If you are unsure of the ACA codes and have little experience with them, you are in the same position as MANY other mandatory filers.

You don’t have to learn how to generate these codes by March 2, 2020. Just find an expert that can do it for you, like ACAwise!

ACAwise can generate your codes, populate your forms, and provide you with a print/mail solution.

Know Your employees’ SSN…

Some of the most common errors that are made on ACA forms are incorrect Taxpayer Identification Numbers (TIN’s). 

When you file with ACAwise, we use TIN Matching technology to ensure that all of your employees SSN are correct.

Skip Extra Mistakes…

When you choose ACAwise for your ACA reporting provider, you get the benefit of thorough data checks that are embedded into our software suite. 

You won’t have to worry about IRS Regulations, Schema Validations, or even USPS Validations…ACAwise covers it all.

Know Your Filing Method…

Remember, the IRS requires you to file your forms electronically if you have more than 250 forms. Even if you don’t have this many employees, there are benefits to e-filing. For one, you save A LOT of paper, plus you will know the status of your reporting much sooner. That will give you much more time for any corrections that you need to make on your forms. 

Know Your Recipient Copies Are Taken Care Of…

It is important that all of your recipient copies reach their intended destination! ACAwise completely takes care of this for you!

After ACAwise validates your forms, they will be printed and mailed to all of your recipients by March 2, 2020.

We keep you compliant with the least amount of work on your end!

Have you started filing? Now is the time to get it out of the way. The experts at ACAwise are just a few clicks away, be sure to reach out today!



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