2017 IRS Reporting Requirements
A friendly reminder, the IRS provided employers with a 30 day extension to complete their 2016 ACA IRS Reporting Requirements.
Form 1095-C was originally scheduled to be due by January 31, 2017. This delay extends the due date of distributing Form 1095-C to employees until March 2, 2017.
The due date for the Transmittal form, 1094-C and the 1095-C’s which are to be submitted to the IRS, were not delayed.
If filing electronically, the due date is March 31, 2017.
If filing by paper, the due date is February 28, 2017.
What You Need To Know
- The purpose of this reporting is to help the IRS determine if you as an employer are complying with the rules and regulations of the Affordable Care Act -specifically the employer mandate.
- These reporting requirements will need to be filed on an annual basis. The 2016 Reporting year is the 2nd year of this reporting. The data collected for these reports will need to occur on a monthly basis in order to stay compliant.
- It is important to review these requirements now so that you’re prepared to collect the necessary data beginning in January 2017.
Who Has To Report
- Applicable Large Employers who are subject to the employer shared responsibility provisions of the Affordable Care Act will be required to collect and report specific data to the IRS.
- An applicable large employer is defined as any employer who had 50 or more fulltime equivalent employees in the previous calendar year.
- Fully Insured Employers will be responsible for Part I and Part II on IRS Form 1095-C
- Self Insured Employers will be responsible for completing IRS Form 1094-C
- All ALE’s are responsible to also complete IRS Form 1094-C.
What Has To Be Reported
- Employer will be responsible for submitting the appropriate forms (1094-C or 1095-C) to both the IRS and employees that are covered under the plan.
Third Party Reporting Services
- We have created partnerships with a number of Third Party Reporting providers that can help fulfill your reporting requirements.
- Contact your dedicated Account Manager if you need assistance with the ACA Reporting Requirements.
Due Date
Forms to employees March 2, 2017.
Forms to IRS: Feb 28, 2017 – if filed via paper
March 31 2017 – if filed electronically.
For more information:
IRS website with FAQs on IRS reporting
Link to the 1095- C reporting form
Link to the 1094 – C reporting form
1094-C and 1095-C Instructions
Babb, Inc., will continue to monitor the regulations coming out of PPACA and will continue to ensure you are WellAdvised of provisions that will impact your business and your people.
Please contact us if you have any questions regarding these most recent developments.