Is Aggressive Regulatory Enforcement a Challenge for Your Company?
Stepped-up rulemaking and enhanced federal agency enforcement has caused 56% of all U.S. employers, more than half, to express concern.
In early 2016 two sets of healthcare coverage reporting requirements will come into effect. Under tax code sections 6055 and 6056, employers must compile monthly and report annually numerous data points to the IRS and their employees. This data will be used to verify the individual and employer mandates under the law.
“Minimum Essential Coverage” Reporting – Code Section 6055: This code requires every provider of health coverage to file informational returns with the IRS and provide statements to individuals covered. These reports will be used to administer the Individual Shared Responsibility Requirement
“Large Employer” Reporting – Code Section 6056: Employers must file informational returns with the IRS and provide statements to their full-time employees about the health plan coverage that is offered if the employer is subject to the Employer Mandate. Even if they are not subject to the Employer Mandate until 2016, employers must still engage in Large Employer Reporting for 2015.
Click here to view 9 Items To Track Monthly For Annual ACA Reporting
Reporting under sections 6055 and 6056 is not required until January 2016 to employees, and March 2016 to the IRS but keeping in mind that the data being reported is based on what is happening in an organization during 2015. Employers should begin preparations so that the required information to be reported is available.
Ensuring internal time and attendance systems, record management, and payroll systems are capable of producing the required information is critical. Although there is much information left to be released by the IRS concerning the Code 6056 reporting requirement, employers subject to this requirement should begin preparing now.
Experts like Paypro are navigating the difficult legal landscape every single day, and can provide trusted guidance and insights that keep organizations like yours compliant and focused on what they do best. To learn more on how we can help with ACA reporting and other requirements of the Affordable Care Act please contact us or request a consultation with one of our workforce management experts.
Stepped-up rulemaking and enhanced federal agency enforcement has caused 56% of all U.S. employers, more than half, to express concern.
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