A retention package contains all the necessary information that a company would need should the IRS want to audit 1095-C and 1094-C information. This will include copies of the forms (1095-Cs and 1094-Cs) and the necessary electronic filing information. Generally speaking, it is best to create the retention package once all electronic submissions are complete in the system, including corrections.
The left hand navigation is important when creating and downloading your retention package. Make sure that you are on either the filing year or the company ID of the company you would like to download. Note: If you would like to create the retention package for the entire filing year, choose to view by filing year. If you would only like to create a retention package for a specific company, choose Company ID.
After clicking the year, click the bold Create button. While your file is being created a spinning icon will appear and the Create button will be greyed out. Once the file has been successfully created, the file needs to be downloaded. Click the bold Download button.
Now you have the option to save this file to your hard drive on your local computer. The IRS suggests holding these records for a minimum of 3 years.
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Last Review: 6/5/2022 – Revision: 2.0
ACA Compliance Solution
Categories: Year End – Prerequisites 1094-C