You’ve made it through the holiday season: the company parties, the seasonal workers, the tricky scheduling, and even the year-end reporting. Navigating the waters of this season as an HR professional is no simple feat, but you made it. Even though we’ve entered the new year full of fresh starts and resolutions, our days of managing compliance aren’t behind us.
Maintaining compliance is a messy and often immense endeavor.
The ever-changing web of regulations and laws have HR professionals balancing benefits management, payroll runs, and leave reporting among other HR policies. At the same time, HR professionals have to stay on their toes with laws like the Affordable Care Act (ACA), the Family and Medical Leave Act (FMLA), Equal Employment Opportunity Commission (EEOC), and more.
At the end of 2017, the IRS began sending Letter 226J to Applicable Large Employers (ALEs) as a proposed assessment of Employer Shared Responsibility Payments (ESRPs) under the Affordable Care Act. If the IRS determines one or more full-time equivalent employees enrolled to receive health care coverage on a government exchange and received a premium tax credit/federal premium subsidy, they will send this proposed assessment letter to the employer. This is the first step in the process to enforce ESRP requirements under the ACA.
While the future of healthcare in America has been uncertain for most of this year, the ACA 2017 reporting deadline is right around the corner. After a year of back and forth, we’ve reached a point where we know not much can change on Capitol Hill between now and the looming 2018 deadline. To best manage and report on ACA compliance, there's a lot you need to know about the employer provisions that affect many U.S. employers.
As an HR manager, you need to know the ins and outs of these provisions so you can proactively manage ACA compliance in your organization. That starts with knowing your ACA vocabulary—what do all those acronyms mean anyway?
While it seems a lot is up in the air with healthcare in America, employers are asking about the Affordable Care Act and their responsibilites. While the GOP continues to make efforts to repeal (and possibly replace) the ACA, the current rules remain in place. The IRS is still moving forward with ACA reporting on the 2017 tax year with 2018 deadlines. As an employer, you cannot afford to wait to see how things play out in Congress. The risks are too high. Employers must continue tracking ACA compliance and be prepared for ACA reporting in 2018.
To address some confusion many employers have had surrounding ACA reporting deadlines, we’re giving you the dates Human Resources needs to know about ACA reporting deadlines in 2018.
Whether or not you believe in making new year’s resolutions, the end of the year can be a meaningful time to evaluate what you want to take forward into the next year and what you want to leave behind. This is just as true in your professional life as well as your personal one.
If you work in HR, there are some activities that you need to perform at the end of the year as a matter of compliance, and others that you should consider doing just to set yourself on the right foot for the next year. While it may not be legally required that you examine your policies and practices to make them work better for you and your organization, it can certainly make your workday run more smoothly in the new year.
Here is a checklist to remind you of some of the tasks you need to do by the end of the year, as well as a few that will likely make your life a little easier as you start 2017:
We may have barely made it through the 2016 deadline for ACA reporting but it’s time to start thinking about 2017. In the ACA reporting form 1094’s inaugural year, the IRS gave companies a break with extended deadlines and leniency for “good faith effort” from companies who didn’t get it quite right. But the IRS has warned us that they’re going easy on employers in 2016 only. Don’t expect these same extensions or eased consequences in the future.
To address some confusion many employers have had surrounding ACA reporting deadlines, we’re giving you the dates Human Resources needs to know about ACA reporting deadlines in 2017.
The reporting deadline for Form 1094-C and 1095-C electronic filing is Thursday, June 30, 2016. Is your organization prepared? This article answers some frequently asked questions about ACA reporting forms and gives some helpful Form 1094-C instructions.
With 2016 just around the corner, you may be thinking of some personal and professional New Year’s resolutions. Or, you could be loading up on holidays treats because you know that resolution is coming soon. Either way, during this time of year we can’t help but reflect back on the past year and start setting goals for the next.
Editor's Note: Since the publishing of this article, the IRS and U.S. Treasury extended reporting deadlines for ALEs furnishing and filing certain forms related to the ACA, including Form 1094-C and Form 1095-C. The new deadlines for employers to furnish Form 1095-C to employees is March 31, 2016. The new deadlines for employers to file Form 1094-C and Form 1095-C are May 31, 2016 if filing by paper and June 30, 2016 if filing electronically. For more information, please read the IRS Notice 2016-4.
Do you know how to avoid ACA filing penalties for your organization? If you're not addressing all factors that make up ACA compliance, you could have some of these penalties in your future.
Maybe you have an employee-sponsored health plan, or you’ve tracked every employee’s time. Maybe you even offered full-time employees health coverage. But have you covered all your bases for ACA compliance?