The Affordable Care Act (ACA) is a healthcare reform law. Also known as Obamacare, it aims to provide more Americans with affordable healthcare insurance. The Affordable Care Act is also meant to improve the quality of current healthcare in America. The ACA wants to help Americans by protecting them from insurance companies taking all of their money with low quality healthcare in return. New in 2015 are ACA reporting forms. These ACA reporting forms are intended for employers that provide health insurance coverage for workers.
Requirements for Reporting Forms
An employer must provide information for basic healthcare coverage per month for each employee, spouse, and dependent. If an employer has more than 100 full-time workers, they are going to have to do a little extra paperwork; this includes any supplementary information about the amount of coverage and the availability of the healthcare. If a business is small, they will have to fill out both a 1094-B transmittal and 1095-B form. If a big business is reporting ACA forms, they will have to fill out a 1095-C form and 1094-C transmittal. Both the ACA reporting form and the transmittal will be sent to the IRS, which is better explained on the IRS’s website. Employees must provide all information found on a W-9 form in order for the 1095-B or 1095-C forms to be completed, as well as information from spouses and dependents.
How to Get Started
Information from all employees is the most important part of an ACA form, which can be taken from individual W-9 forms. The IRS is giving employees a chance to do a test run for the ACA form filing process, which means if you get it done on time, there will be no penalty. An employer should get the Social Security Numbers from all dependents and spouses sooner rather than later because those can be the hardest to receive. An employer must also gather all healthcare coverage for each person each month they are covered. Full-time and part-time employees will have different coverage plans, so make sure all information is recorded.
Make It Easy
The IRS wants people to start filing their ACA forms this taxable season since the forms are due next tax season. Make this process easy and painless by filing online with WageFiling. You can keep track of all records and documents you receive, which you can use to complete the necessary items needed to report each ACA form.
Especially if you are a part of a big business, it can be very difficult to keep track of which employee has finished their W-9 form and what stage you are in the filing process. WageFiling even makes it easy to save documents for your personal records so that if you are in the same situation next year, you can easily find dependent and spouse information, as well as employee information. This will make it much easier for you to finish next year’s ACA reporting.
Wage Filing is inexpensive and easy to use, which is why it is one of the most popular e-filing websites. If you have any questions about the process or concerns about the security of your documents, contact their customer service representatives or check out the about page today for more information.