Get Ready Now for Major HCR Employer Reporting
As we quickly approach the open enrollment period for 2015 plan years, employers need to take notice of two upcoming reporting requirements under the Affordable Care Act (ACA). These requirements kick in for 2015, with first reporting due in early 2016.
It may still seem like a long way off, but getting ready to meet these requirements should start right now, if you haven’t already. The information gathering to file these IRS reports can be daunting. Among other information, employers will need to know which employees need to be offered coverage for 2015 or risk incurring substantial financial penalties.
The reporting requirements fall under Internal Revenue Code (IRC) Sections 6055 and 6056. Penalties for non-compliance under both IRC 6055 and IRC 6056 are $100 for each failure up to a maximum of $1.5 million.
To help you understand the details of these requirements, we have prepared the following Briefings that spell out important employer responsibilities for the filings and the information that you will need to collect to prepare the reports.
It looks like no further delays to the implementation of these requirements are expected. Now is the time to prepare for the requirements of the ACA, avoid unexpected monetary penalties and prevent a “fire drill” when the IRS filings come due.