As the end of the year draws near, you may become distracted with an over-abundance of holiday activities. You’ll make plenty of plans with friends and family that will involve eating, drinking, dancing and being merry. While this year can get hectic and the distractions are plenty, it’s important to remember that the 2017 ACA tax year filing is hiding just around the corner and it can bite you if you aren’t ready.
Don’t fret, there’s still time to prepare! Come join InfinityHR for a webinar Thursday, December 14th (11 a.m. MST) for helpful information on how to prepare your 2017 ACA tax filings.
In an effort to help you prepare, Drew Mitnzell (PPACA Certified Product Manager), of the ACA team will cover upcoming important dates, process overview, and common errors and mistakes.
The December 14th (11 a.m. MST) ACA Webinar Outline
1. Important Dates
- When are forms due to individuals?
- Where are forms due to InfinityHR?
- When are forms due to the IRS (e-file)?
2. Process Overview
- How to generate 1095s
- Review of Forms
- Storage relating to submission of history
3. Common Errors and Mistakes
- TIN validation errors
- The importance of data accuracy
- Hire and termination rules
- Employee status history
- Benefit ranges and the offer of coverage
- Benefit elections
- Benefit plan configurations
- Review of self-insured plans
IRS Forms and Resources
The IRS has released the new versions of the 1095-C and 1094-C that will be used for reporting – you can view these by clicking the IRS links below.
Tax Year 2017 1094-C and 1095-C instructions – click HERE
Tax Year 2017 1095-C Form – click HERE
Key Points to Review for the 2017 Tax Year
Although these forms are very similar to Tax Year 2016 reporting, we encourage you to start prepping your data now. Here are some key points to review:
- TIN Validation – do you have the legal name and correct SSN for all of your employees?
- The IRS will reject any file that does not contain accurate TIN information
- Accurate hire and termination dates
- A crucial component of ACA reporting is ensuring that you capture accurate hire and termination dates, as the 1095-C provides the IRS a monthly breakdown of data
- Accurate Benefit ranges (both offer of coverage and benefit elections)
- The 1095-C is used to tell the IRS if the employer offered coverage to their full-time employees, and whether or not the employee elected coverage
- To ensure accuracy, we recommend confirming your data is true. Both your offers of coverage and employee elections are correct with accurate dates
- Are you self-insured?
- If your company is self-insured, you will also be responsible for reporting the medical elections of your employee’s dependents
About the Presenter: Drew Mintzell, PPACA Certified Product Manager
Drew is a Product Manager of InfinityHR’s dynamic ACA compliance module. In this role, he helps organizations leverage technology to make compliance simple. Drew is certified by the National Association Health Underwriters as an expert in the Patient Protection and Affordable Care Act (PPACA). With a focus on ACA, Drew has helped over 400 organizations of all sizes successfully file and improve their compliance process, all while achieving a 100% on-time filing rate for clients that approved in the 2016 filling year. He can help you better understand the ACA reporting requirements and guide you through the process of filing your forms to the IRS and sending copies to your employees.
InfinityHR has the solution for you
For companies still looking for a solution for 2017 reporting, InfintiyHR is accepting new clients through the end of the year. Our dynamic ACA compliance modules save time by using existing data to analyze employees, their benefits, compensation and demographics to effortlessly produce and send all 1094 and 1095 reporting to employees and the IRS. To learn more about our ACA module or to request a demo, click here.
“Our ACA was seamless, and we had so much support in helping to get it all cleaned up and set up for our first year partnering together!”
Brandi Samples, PHR, SHRM-CP | Benefits Manager | Jackson Walker