What is ACA Reporting? Congress says that the IRS needs to make sure that employers are either offering affordable, minimum value or essential coverage plans to their full time employees or are paying the penalty tax. The new legislation requires employers to report this information about health insurance coverage to the IRS. The IRS defines a full time employee as an employee who is employed on average at least 30 hours of service per week, or 130 hours of service per month.
So what’s new?
Employers with 50 or more “full time equivalent employees” must provide information to their employees and the IRS about health insurance coverage regarding:
- How many full/part time employees they have
- the specific type of health coverage offered
- Time period for which coverage was offered and taken
ACA Reporting legislation requires that employers report this information to the IRS using transmittal Form 1094C. Employers must also issue form 1095-C to their full time employees. This is a statement that describes the health coverage offered by the employer to the employee. Excessive monetary penalties apply for failure to provide the required information.
Savers is your trusted source for ACA Reporting. Our ACA capabilities make it easy to remain in compliance with the federal guidelines. In addition to submitting and distributing the aforementioned forms on your behalf, Savers also offers several reports to help ensure that your business is always up to date with ACA requirements. You can feel confident in Savers Admin’s ACA management system to handle all of your ACA and payroll needs.
Whether it’s ACA, a complex payroll for a large company or HR for a small company, Savers Admin is committed to providing friendly and efficient service so that you can concentrate on what you do best: growing and developing your business.