Navigating the new reporting requirements for the Affordable Care Act (ACA) is complex and lengthy, but the National Association of Convenience Stores (NACS) partnered with the legal experts at Steptoe & Johnson on a free webinar about the topic. You can view the 90-minute webinar here in its entirety.
The seminar covered the reporting requirements for the ACA, including:
IRS reporting for health care providers on IRS Form 1095-B
IRS reporting for employers on IRS Form 1095-C
Transmittal Forms 1094-B and 1094-C
Filing deadlines for 2015:
Forms filed with IRS: 2/29/2016 (paper) or 3/31/2016 (electronic)
Statements sent to employees: 2/1/2016 (1/31 is a Sunday)
The webinar focused on employer reporting, reporting penalties and ways to avoid or mitigate those penalties. However, it is critical that reporting entities, particularly employers, appreciate the potential underlying penalties that drive the need for reporting. In other words, unlike Form W-2 and payroll reporting, the content of ACA reporting may itself result in massive penalties.
Some of the top risk areas for Section 4980H penalties include:
Not counting hours properly
Failing to track full-time employee status of variable employees
Applying waiting periods incorrectly
Not reviewing employee vs. independent contractor classifications
Intentionally excluding too many employees in 2016
Not making proper offers of coverage
Excluding some locations (especially those out of state)
Register for the Dec. 10 complimentary webinar on how to avoid common ACA reporting mistakes here. The webinar will run Thursday, December 10, 1 to 2:30 pm EST.