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(February 13, 2018)
GRAND RAPIDS, Mich., Feb. 13, 2018 /PRNewswire/ -- Many of this year's tax reporting deadlines have passed for W-2 and 1099 filers, however, Greatland is reminding businesses that its suite of Affordable Care Act reporting capabilities includes free tools, checklists and guidelines that make compliance less complicated. Despite recent debate and confusion, ACA reporting is still required this year and companies will be expected to comply or risk high penalties.
Greatland, one of the country's leading providers of W-2 and 1099 products for business, offers a number of options to help businesses accurately complete ACA reporting. Whether companies are looking for paper forms or e-file solutions, the tools Yearli software provides can help guide them through the filing process. Greatland is able to assist businesses and insurance companies file Form 1095-B and Form 1095-C, along with required 1094 transmittal forms, required for ACA reporting to the IRS. Greatland will also provide copies to employees, with three filing options: paper forms, online filing or desktop software.
"This is only the third year of ACA reporting, so it is natural many businesses may continue to struggle with the rules and deadlines associated with the Affordable Care Act," said Greatland CEO Bob Nault. "Greatland's team of experts understands the regulations and can provide the filing features and help necessary to ensure reporting is completed on time and businesses remain in compliance."
Greatland is offering a wide range of tips and tools to help filers succeed, including access to an ACA code generator free with Yearli software, advice on who needs to file, ACA requirements and important deadlines.
ACA Code Generator
One of the largest areas of confusion for businesses is the completion of Lines 14-16 on Form 1095-C, the form used to provide employees with information about their medical benefits. This section has proven to be so unclear that many businesses pay high fees to have a third party calculate the required codes for them. Greatland's team of ACA compliance experts created a free ACA Code Generator tool to help demystify the process, allowing businesses to complete this critical step on their own. Simply answer a few questions and this tool will guide you towards the correct codes for Lines 14-16 of Form 1095-C.
Who Needs to File?
Similar to past years, employers with 50 or more full-time employees (including full-time equivalent employees) and all self-insured employers regardless of size must report healthcare coverage information to employees and the IRS.
Full-time employees are those who worked an average of 30 hours or more per week for more than 120 days in a year. Using this guideline, you may have fewer than 50 full-time employees, but meet the requirements for ACA reporting. Healthcare.gov offers assistance, including a Full-time Equivalent Employee Calculator, to help determine filing needs.
If you are an insurance company or business that is required to report healthcare coverage, you will need to file one of two form types to the federal government. Both paper and e-file are acceptable filing methods, with the e-file threshold being 250 forms.
- 1095-B - The Internal Revenue Code (IRC) Section 6055 outlines the requirements for 1095-B reporting. Form 1095-B must be issued by the insurance company (or self-insured employer) to the individual and the IRS as proof of coverage. Form 1094-B is the related transmittal sent to the IRS.
- 1095-C - IRC Section 6056 defines the reporting requirements for large employers (50 or more full-time employees including full-time equivalent employees) to provide their employees with documentation outlining any applicable offer of health coverage. Form 1095-C is a statement issued by employers with 50 or more full time employees (including FTEs) to employees and the IRS. Form 1094-C is the related transmittal sent to the IRS.
Forms 1095-B and C require some or all of the following data: employer ID numbers (EIN), taxpayer identification numbers (TIN) of employees/recipients and their dependents, addresses, and months of coverage. There are no state reporting requirements associated with the 1095-B or 1095-C
When to File
The due dates for 1095-B and 1095-C deadlines are as follows: The due dates for 1095-B and 1095-C deadlines are as follows: Feb. 28, 2018 for paper 1095 forms filed to the IRS, March 2, 2018 for 1095 copies to be sent to recipients and employees, and April 2, 2018 to e-file 1095 forms to the IRS.
Visit Greatland's ACA Reporting center, o learn more about Greatland's ACA reporting services and tools.
Greatland (www.greatland.com) is the W-2, 1099 & 1095 specialist, focused on providing information, products, and solutions for small to mid-size businesses and accountants. Greatland helps customers navigate annual reporting changes, including extensive expertise about ACA reporting. Through Greatland's subsidiaries – Greatland, Nelco, and Broker Forms – the company offers an extensive array of specialized products for businesses: W-2 forms, 1099 forms, 1095 forms, W-2 and 1099 software, online filing, business checks, presentation materials, income tax preparation supplies, and mortgage forms. Greatland also offers Yearli, a comprehensive W-2 and 1099 reporting software and online filing platform. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis. Follow us on Facebook or Twitter: @GreatlandCorp
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