Although there are plenty of headlines suggesting President-Elect Trump could repeal and replace the Affordable Care Act (ACA), it hasn’t happened yet. In the meantime, businesses must continue to comply with the existing legislation. However, the IRS has made a slight change in deadlines and extended the good faith penalty relief to the 2016 information reporting process. Here’s what you should know…
As discussed in “Employers get a little more ACA leeway: What you need to know,” posted by Jared Bilski on HRMorning.com, the IRS extended a key deadline for ACA reporting. According to Notice 2016-70, employers must now provide individuals with 2016 Forms 1095-B and 1095-C on March 2, 2017. The deadline was originally slated for January 31, 2017. The IRS also extended the good faith penalty relief to the 2016 information-reporting process. However, this penalty relief does not mean that you don’t have to report – at most it means penalties may not apply if information on the forms is not quite correct.
Although the deadline for employers reporting to individuals has changed, the deadline for reporting information to the IRS has NOT changed. As we shared in our previous blog post, “Employers will NOT get a free pass on 2016 ACA Reporting,” the ACA legislation is complex and, 6 years after enactment, is firmly in place. Regardless of election results, the IRS reporting requirement for US employers will remain in place for the 2016 reporting season and most likely for the 2017 reporting season as well. Should ACA be changed or replaced under the new president, it will take considerable time and effort.
Be ACA Compliant With ACA Compliance Solution
In the meantime, ACA Compliance Solution offers businesses an easier path to the current compliance requirements. This powerful solution can be deployed rapidly, providing users with a quick and simple way to manage and report necessary ACA data. A central dashboard provides leaders with at-a-glance awareness of key performance indicators and alerts signify when it’s time to review or address a situation. ACA Compliance is deployed in the cloud, so you will never need to install updates or worry about any future legislative changes. The solution will remain aligned with the legislation as it evolves. Even more beneficial to businesses, this solution is a yearly pay-as-you-go subscription and won’t require you to invest more money than needed.
Strengthen ACA compliance measures by deploying a cutting-edge ACA compliance solution. Contact Integrity Data for guidance with meeting the current ACA reporting deadlines, and avoiding costly non-compliance penalties.
By Integrity Data, ACA Compliance Solution Provider out of Illinois