If you offer ICHRA Plans, it’s essential to know that they fall under the Self-funded Group Health plans category, which triggers IRS reporting obligations, regardless of your company’s size.
The IRS is intensifying ACA reporting enforcement and imposing substantial fines for tardy or omitted filings. We want to keep you informed and out of jeopardy!
Important Dates to Remember: The deadline for filing forms with the IRS is February 28th (for paper filing) or March 31st (for electronic filing). It’s important to note that the IRS now requires electronic filing for all employers with ten or more forms.
ACA Reporting for Small Employers
If your company employs less than 50 full-time equivalent employees, you fall under the Small Employer Reporting. Here are the ICHRA Reporting Requirements for Small Employers:
- Submit Form 1094-B and Form 1095-B to the IRS.
- Form 1095-B discloses coverage details to employees, which are required for each ICHRA participant.
- Form 1094-B is a summary sheet encompassing the total number of Form 1095-Bs submitted.
- Distribute Form 1095-B to your employees.
ALE’s-Large Employers
If your company has over 50 full-time equivalent employees, falling into the large employer category, compliance with the ACA’s employer mandate is imperative. Opting for an HRA requires demonstrating that your reimbursement adequately covers individual health coverage costs and meets affordability criteria. Here are the ICHRA Reporting Requirements for Large Businesses:
- Submit Form 1094-C to the IRS.
- This form details the coverage you extend to employees.
- Include all full-time employees from the tax year and part-time employees enrolled in your ICHRA.
- Dispatch Form 1095-C to your employees, featuring codes explaining affordability calculations. Provide this form to all full-time employees for at least one month.
If you need help with your ACA forms, Flyte HCM is your solution, providing a White Glove ACA Reporting Service.
What’s included in our ACA reporting service?
- Dedicated Account Manager with Phone & Email Support
- 1094C & 1095C Consulting, Coding, and Generation for large employers
- 1094B & 1095B Consulting, Coding, and Generation for small employers
- Automated Quality Audit Programs ensuring data accuracy before filing.
- Electronic Filing with the IRS and a streamlined corrections process
- User-friendly Cloud Drive for Data and File Sharing (HIPAA Compliant)
- Email and Phone Support
- Printing and Mailing Services
- Inclusive U.S. State ACA Filing (where applicable)
- Assistance with IRS Letter Responses