|Effective January 1, 2015, under the Affordable Care Act (also known as ObamaCare), employers with 50 or more full-time equivalent employees on average during 2014, are considered Applicable Large Employers (ALEs) and are required to comply with new provisions and reporting requirements. They include:
Regardless of workforce size, any employer who provides self-insured health coverage will have a filing requirement
Even an ALE that is not liable for an employer shared responsibility payment because of transition relief, has to comply with the information reporting requirements for 2015. Such ALEs will use the reporting forms to communicate to the IRS that they are eligible for transition relief under the employer shared responsibility provisions.
ALEs must furnish –
Small Employers with self-insured plans must furnish –
This information will assist the IRS in determining –
If you have engaged an outside payroll service for your payroll processing, the payroll service should be handling the filing requirements, if any, for you. We would recommend calling them for assurance. For clients who are using QuickBooks to process their payroll, Intuit Payroll Services has announced that they will not support the ACA filing requirements at this time.
Please be aware that it will take time to gather the necessary information needed to meet the deadlines for these filing requirements. If you think that you may have a filing requirement for 2015, or if you will need our help to complete these forms, please contact us as soon as possible.
Please note that the purpose of this write-up is to give you a brief overview of the upcoming new reporting requirements and does not cover all the details.
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