Our recent webinar, “Compliance Countdown: 5 ACA Tips So You Don’t Drop the Ball in 2017,” featured three expert speakers offering key strategies to help employers hit ACA compliance deadlines with confidence – and with their sanity still intact!
“It ain’t time to worry yet.” This famous line from one of my favorite books, To Kill a Mockingbird, is relevant to so many situations in life and applies to where we benefits professionals find ourselves in the aftermath of the presidential election. After seeing the election results, many – myself included – wondered breathlessly, “What happens to ACA?!”
It’s not often that you hear “good news” in the same sentence as the Affordable Care Act, but lo and behold, recent news from the IRS made this a reality for those experiencing TIN (Tax Identification Number) validation failures when transmitting 1095-C data.
National Small Business Appreciation Week (NSBAW) is an opportunity for us to celebrate and salute the contributions of small businesses across the country. This week is particularly meaningful to me because Businessolver started nearly two decades ago as a small business.
March was a busy month for HR pros, as they were faced with meeting the first deadline for Affordable Care Act (ACA) compliance reporting. All 1095-B and 1095-C forms were required to be postmarked for delivery to applicable employees by March 31. And though we all have (hopefully) conquered this first reporting hurdle, the madness won’t be stopping any time soon. Next up, companies filing 250 or more returns must submit electronic copies of 1095-B/1095-C and 1094-B/1094-C forms by the fast-approaching deadline of June 30.
It’s that time of year. Basketball games are dominating the airwaves and everyone is anxiously tracking their brackets. For those of us who work in the world of benefits, however, we’re anxiously tracking something else – Affordable Care Act compliance reports.
Over the past few years, an increasing number of companies have been turning to outsourcing partners for benefits administration and compliance management. Why? Companies today want — and need — the more specialized expertise that those vendors have, particularly when it comes to complying with the Affordable Care Act (ACA) and other workplace regulations.
That’s the one of the top-level findings in a trends report, Corporate Benefits Departments: Staffing and Operations, released last month by the nonprofit International Foundation of Employee Benefit Plans (IFEBP).
It’s been an exciting week here at Businessolver! Earlier we announced that we have officially received notification from the IRS that we are now an "Approved Transmitter," allowing the electronic filing of compliance documents to the Affordable Care Act Information Returns (AIR) program on behalf of our clients. This means we have been moved to Production Status for IRS transmittal of ACA data for 2014.
So, why is this such a big deal?
With the March 31st 2016 deadline to file Forms 1094-C and 1095-C looming, there has been a lot of buzz around vendors working to get their official IRS transmitter approval in order to officially transmit data to the IRS for 6055/6056 reporting. While it may sound like a simple certification to receive, the path to becoming an IRS transmitter is a long and tedious path that involves several flaming hoops. Just how many, you ask?
On Oct. 1, the U.S. Senate passed a bill that would rescind the Affordable Care Act’s controversial expansion of the definition of a small employer, paving the way for the bill to go to President Barack Obama, who is expected to sign the bipartisan measure.