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If you're behind on your ACA reporting, here's what to do next
Some employers dropped the ball with the Affordable Care Act informational reporting- mandatory for applicable large employers (ALEs).
"I've had employers tell me, even a few weeks ago, T don't have to worry about that. I jast have 300 part-time employees,"' says Kimberly Flett, senior director of Compensation and Benefits at BDO USA, LLP. "But your part-timers are converted to full-time equivalents, so you can't presume you're not an applicable large employer. You need to triple check that."
You may be late, but you still need to get this done, Flett says. Some 1RS penalties have been reduced, but you still run that risk.
Smart Business spoke with Flett about the latest regarding Forms 1094 and 1095.
What's the first thing you're advising employers?
Employers need to determine whether they were an ALE - had more than 50 full-time equivalents - during 2014. If yes, then they must issue Form 1095-C to all full-time employees, whether or not they are enrolled in the health plan, and part-time employees who enrolled. In addition, regardless of...