ACA Compliance: What You Need To Know

As a business owner, sometimes it feels like there’s never an end to tax deadlines or ACA Compliance requests. And with the deadline for ACA Form 1095 approaching, March is no different.

ACA Compliance

“Wait, what are you talking about?” you may ask?

That’s correct! The deadline for making sure your employees receive their ACA Form 1095 is March 2, 2020. The actual deadline was on January 31, 2020, but the IRS has extended it

What is Form 1095-C?

Form 1095-C is filed and provided to any employee of an Applicable Large Employer (ALE) member and is a full-time employee for one or more months in a calendar year. ALE members must report this information for all twelve months of the calendar year, for every employee.

Our friends at ACAwise have developed a product that eliminates the stress and headaches associated with ACA compliance. They can prepare forms, generate the correct ACA Codes and ensure your employees receive their copies, keeping you compliant.

What are the late penalties?

The IRS sets penalties based on how late your forms are filed. For small businesses, those with gross receipts of less than $5 million, penalties begin at $50 per form and extend to $550 per form.

ACAwise’s software keeps your data safe and secure, stored on a HIPAA compliant server. They also validate your employee information using USPS validation and TIN Matching to reduce errors and facilitate quick and easy corrections.

Don’t get penalized by the IRS for errors involving ACA compliance! Contact ACAwise today and see how they can help you!

Add a Comment

Your email address will not be published. Required fields are marked *