ACA Deadline Approaching! Healthcare Accounting for Your Business

In light of the ACA reporting, some businesses try to stay under the 100 full-time equivalent (FTE) employee threshold (50 FTE for 2016) for group insurance compliance by excluding workers. Workers must meet several standards to be exempt, especially proving independence.If your company ranks above the FTE threshold, you must provide Form 1095-C to each employee by March 31, 2016 (expect the deadline to be earlier in 2017). Visit our recent blog to determine if you reach that threshold.Many payroll service providers handle this task, but not all. If you prepare your payroll in house or your service provider will not issue Form 1095-C, plan how to handle this important new reporting responsibility.In addition, all employers must provide Form 1095-B to each employee who receives group insurance coverage, again by the end of March, showing the level and cost of that benefit. Most insurers provide these forms for you, but if they don’t, your company assumes responsibility to distribute them.The IRS expects you to send the information on Form 1094-B. Remember, issuing Form 1095 is a requirement subject to substantial penalties, so documentation is critical.If you need help with your ACA filings or other tax-related issues, the Patrick & Robinson CPAs team can help with its decades of accounting experience. Contact us at (904) 396-5400 or Office@CPAsite.com.