For many employers, looming reporting deadlines have been one stressful aspect of the Affordable Care Act. However, they’ll get a bit of a reprieve in the form of some deadline extensions in early 2016.
“Employers will have two more months past Feb. 1 to give individuals forms for reporting on offers of health coverage and the coverage provided. The deadlines to report this information to the IRS are extended by three months past the previous Feb. 29 due date for paper filings and the March 31 date for electronic returns,” according to The Washington Post.
The extension will help, but applicable large employers will still need to report whether employees are covered by minimum essential coverage, “and that an offer of minimum essential coverage that provides minimum value was made to each full-time employee,” Melissa Winn writes for Employee Benefit News.
“Many employers may be well prepared for the reporting requirements and have been tracking information throughout the year to prepare for the deed, but some employers may not be prepared at all,” she writes. “It should be incumbent upon the benefit adviser to act proactively, rally the important players and head up efforts to comply with the ACA’s reporting requirements.”
Brokers and advisers can spearhead helping their clients by gathering client staff members from accounting, HR and payroll. Then, they can together work out a plan to understand what they’ll need to do to comply, Winn writes, and whether the health care plans offered are affordable and meet the PPACA’s requirements.
If your clients are struggling, suggest software to help them navigate the challenges of complying with the law. Paylocity has created the most powerful and easy-to-use ACA solution on the market – that will help your clients file and remain compliant for 2016 and beyond. Better yet, because of the IRS extensions, Paylocity can still handle your clients’ 2015 ACA filing needs if they are live on the system on or before a March 15 check date.
Employers should plan to comply with the extended dates, Howard Perlman writes for Bloomberg BNA, and even if they miss the deadline, still file the required forms. “Penalties for failing to file the 2015 ACA forms by the extended due dates could be assessed by the IRS,” Perlman writes. “However, employers that do not file the forms on time still should file them so the agency can take those actions into consideration when determining whether there was reasonable cause for the late filing.”