E-Filing Your ACA Forms Before The Deadline: What You Should Know


March 31st is less than a week away and that means the deadline for e-filing your ACA 1095 Forms is near. The IRS has extended other tax deadlines for the 2019 tax year. However, it doesn’t appear they’ll be extending this deadline at the moment. 

ACA Deadline
ACA Deadline

What does that mean? Well, simply put, if you haven’t filed by that date, you risk being penalized by the IRS. If you own a small business, it’s important to stay on top of these requirements. The IRS takes ACA compliance seriously and levies fines based on non-compliance.

What is ACA Form 1095?

ACA Form 1095 is used to report minimum essential coverage to the IRS and taxpayers. Minimum coverage includes government-funded programs, eligible employer-funded plans, individual market plans, or any additional coverage the Department of Health and Human Services considered minimum essential coverage.

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. This may not seem like a lot on the surface, but if you have multiple employees, this can add up quickly.

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.

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.

With less than a week left, don’t get penalized by the IRS for errors involving ACA compliance! Contact ACAwise today and see how they can help you!


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