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Important Affordable Care Act employer deadlines are fast approaching. With those deadlines comes the threat of significant penalties, should required information be improperly filed, or not filed at all.
If your company is an "applicable large employer," and odds are it is, you've got some work to do. Thankfully, you don't have to do it all alone. A new special report from Thomson Reuters Checkpoint can get you up to speed with employer information reporting requirements. (Disclosure: Thomson Reuters is FindLaw's parent company.)
Fun With Forms 1094 and 1095
To administer the Affordable Care Act, the IRS needs to collect a significant amount of information from employers and their coverage providers. Enter IRS Forms 1094-B/1095-B and 1094-C/1095-C. Applicable large employers -- that is, companies with more than 50 full time employees -- will use these forms to notify the IRS about offers of and enrollment in health coverage for 2015.
While your company's accountants can handle the actual filing of the forms, it's important for in-house counsel to be aware of their requirements, since the forms are complex and penalties for noncompliance can be steep. Send employees an incomplete or inaccurate copy of 1905-C, for example, and you could face a penalty of $250 per form.
And deadlines are arriving very soon. Form 1095-C must be furnished to employees or postmarked by March 31st. That's today. You'll still have a bit more time to file the forms with the IRS, however.
Help Is on the Way
If you're concerned about the ACA's employer deadlines, Thomson Reuters Checkpoint can help you out. Their special report walks you through the basics of the ACA's ALE requirements. It's specific enough to give you the "who, what, how, and when" of filing requirements, while accessible enough that non-tax lawyers can easily figure it out.
It's just the primer you need to make sure your company, and your tax department, is meeting its ACA obligations.
Plus, the free report comes from the people at Checkpoint, the industry leader in tax and accounting information. Checkpoint offers a host of online solutions, providing research, guidance, tools, and news for corporate professionals. Think of Checkpoint as a mix of Practice Point's targeted information solutions with Westlaw's massive legal search abilities -- but for tax and accounting.
Checkpoint's insightful analyses, like those in the report, are just one reason why 97 of the top 100 U.S. law firms, 96 of the Fortune 100 companies, and all of the top 100 U.S. CPA firms trust Thomson Reuters Checkpoint to help them make the right decisions for their business.
Don't take my word for it, though. Download the Thomson Reuters Checkpoint Special Report: Health Care Reform Information Reporting Requirement For Employers Forms 1094/1095 and find out for yourself.