Insights

Affordable Care Act (ACA) Reporting Requirements Are Coming…

PKS CPA

Is Your Company Ready?

  • The Affordable Care Act requires an accumulation of significant monthly information to report health care coverage provided to full-time employees for those employers with either of the following:
    • 50 or more full-time equivalent (FTEs) employees –determination is based on specific hours criteria
    • Companies whose health insurance coverage is through a self-insured plan (regardless of # of FTEs)
  • This monthly information will need to be reported on various annual  information tax returns (new Forms 1095-C) required to be distributed to each full-time employee in January 2016 (for 2015) and are required to be filed with the government by the end of February 2016.
  • Consult with your health insurance carrier to understand your responsibilities as an employer.
  • Consider reviewing the government website related to this at https://business.usa.gov/healthcare.
  • We strongly encourage you to START NOW accumulating this significant information about your employees’ coverage (and about their dependents if self-insured plan) that will be needed soon for these new reporting requirements.
  • Feel free to contact your accountant/advisor at PKS for assistance if you have further questions.

Susan P. Kespken, CPA, is a Partner at PKS & Co., P.A., Certified Public Accountants, with offices in Salisbury, Ocean City and Lewes, providing audit, accounting, tax, retirement plan administration and personal and business financial planning services. Visit www.pkscpa.com or call 1-800-274-2564.

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