The employer mandate reporting has begun for employers above 50 employees. Below is some information about ACA reporting and the requirements. Large employers who self-fund do have to file the 1094-C forms to the IRS. This is the form that tells the IRS whether the coverage you have offered to each employee meets the minimal essential coverage. For these self-funded groups, they are required to distribute the 1095-C forms, part 1-3 to each employee. This form simply informs the government which employees had coverage and when throughout the year.
For fully-insured groups with over 50 employees, they must complete both the 1094 and 1095 forms. The responsibility is much greater when you are fully-insured as opposed to being self-insured. The reporting requirements are completely different, however, if you have less than 50 employees in your company.
For these small groups of under 50 employees, there are no reporting requirements under Section 6056 of the Internal Revenue Code. However, small employers do have some information that is required to be distributed to each employee, which is the 1094-B and 1095-B forms. these forms document what type of coverage and when it was offered for each employee. The good news, insurance carriers will create and distribute these forms if you have a fully-insured plan and have less than 50 employees in the company. Given the amount of information some of these employers are required to compute, especially if you have above 100 or 200 employees, the IRS has delayed the deadline to report. The new deadline is March 31st to provide the 1095-C and 1095-B forms.
All these reporting requirements are complex and you need the right advisor assisting you. We are happy to help, contact us now.