ACA Reporting Requirements – Are You Ready?
The Affordable Care Act (also known as Obamacare) requires large employers with 50 or more FTEs to report on the offer of group health plans to their full-time employees, often referred to as the “employer mandate.” Employers must provide notices to their full-time employees by January 31, 2016 and then provide reports to the IRS no later than March 31, 2016. Just to make sure employers are taking this seriously, Congress included language in a new law that SIGNIFICANTLY increases penalties to employers that fail to comply. Every employer needs to know that they are on track to comply with all aspects of this legislation.
• Who is an Applicable Large Employer (ALE) and required to report, which include how to calculate FTEs, the impact of common control and/or ownership – including attribution rules for family members, and if seasonal employees could cause you to have to report.
• The importance of having policies, procedures and notices for identifying full-time, part-time, variable hour and seasonal employees.
• Discuss the elements and data required to complete:
–IRS Form 1095-C that must be mailed to some (but not all) employees by January 31, 2016
–1094-C transmittal requirements that must be filed with the IRS no later than March 31, 2016
• Highlight different approaches for reporting and what to be careful about in selecting a vendor to assist you (e.g. how this report differs from annual payroll reporting like the W-2 or what protections you have in preparing these reports).
This will help us focus on the three critical issues that most of you are facing:
– How to make sure you are offering coverage to the correct employees – counting process & policy as well as communication tools.
– The requirements for the employee reporting mandates for 50+ full-time employer requirements, focusing on a review of the numerous data elements, deadlines and fines associated with providing inaccurate 1095-C.
– Cover the “forgotten” companion to the employee reporting – annual transmittal to the IRS of the employee data plus additional information required to be provided by the employer.
-David C. Smith, Vice President of Health & Welfare Benefits and Compliance, EbenConcepts
-Stan Walker, HR & Benefit Consultant, EbenConcepts
David C. Smith is Vice President of Health & Welfare Benefits and Compliance. A native of Banner Elk, North Carolina, he is a graduate of the North Carolina School of Science and Mathematics, earned his Bachelor of Arts degree in Political Science from the University of North Carolina, Chapel Hill in 1991 and completed his law degree from North Carolina Central University School of Law’s competitive Evening Program in 1999 while working full-time. Today David directs all compliance matters for EbenConcepts, its agents and their clients, as well as serves as the primary sales director for its technology and risk management strategies for larger clients. In addition, he spearheads strategy and data analysis for the agency’s self-funded clients. He is widely acknowledged as a national authority on employee benefits, including ERISA, COBRA, HIPAA Privacy, Wellness, and the Affordable Care Act. David has authored articles in national magazines on the impact of the privacy rules, wellness regulations, PPACA Compliance issues and strategies for agencies to be prepared for new regulatory requirements, and is frequently quoted in numerous media outlets on these topics. David authored the top compliance article in Employee Benefit Advisor for 2014.
Since graduating from Vanderbilt University in 1979, Stan Walker has worked in the employee benefits field. Stan has an extensive background working with companies to establish and maintain their employee benefit plans. Stan has earned the Certified Employee Benefit Specialist designation from The Wharton School of the University of Pennsylvania. He maintains status as a Fellow of International Society of Certified Employee Benefit Specialists. Stan has served in various roles on the Board of Directors for the Georgia Chapter of The International Society of Certified Employee Benefit Specialists. Stan is also an active member of The Society of Human Resource Managers–Atlanta and has served as Chair of Technology & HR Content.
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