Affordable Care Act Reporting for Employers

The Affordable Care Act’s (ACA) Employer Mandate began on January 1st. The mandate requires that all businesses with over 50 full-time equivalent (FTE) employees provide health insurance for their full-time employees, or pay a per month “Employer Shared Responsibility Payment” on their federal tax return. Large companies (those with 50 or more full-time equivalent employees) are also required to begin Affordable Care Act reporting for employers for the 2015 tax year.

In 2015, if you have 50+ full-time equivalent employees, all employees who work over 130 hours a month must have their 2015 hours tracked. You are required to offer health care coverage to all full-time employees, plus you must report all full-time employee information as required to the IRS at the end of 2015.

There are penalties for non-compliance with the ACA’s requirements. If you have 50-99 full-time employees, penalties will be assessed in 2017 based on 2016 data. For those with 100+ full-time employees, penalties will be assessed in 2016 based on 2015 data.

GTM can help you stay compliant with our ACA reporting capabilities. Accessed directly through our Evolution payroll system, we can assist you with your required reports as follows:

• Through the Evolution ACA reports, on a day-to-day, ongoing basis, we will be able to identify all of your full-time equivalent employees, and keep an accurate count as employees leave and new ones are hired.
• We are ready to provide annual reporting for companies with 50+ full-time equivalent employees beginning in 2015, using the 1094/1095 series forms.

Please contact us today to learn more about how GTM can help with your ACA reporting to ensure you are compliant.