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Draft ACA info forms create new headaches for Payroll

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in Office Management,Payroll Management

Draft forms recently released by the IRS are designed to implement the Affordable Care Act’s (ACA) information-reporting requirements. Watch out! Large employers—those with at least 50 full-time employees, including full-time equivalent employees—that don’t offer health insurance must file these forms and provide copies to employees.

Get a head start: Some of the required information—such as basic identifying information on employees and employers—is readily available from your Forms W-2/W-3. However, gathering other reporting elements will take close coordination between you, the benefits department and HR.

You may also need to develop new internal reporting codes and edits.

Information reporting recap. Employees must receive Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, by Jan. 31 each year, starting in 2016. Because Jan. 31 falls on a Sunday in 2016, the first forms must be provided to employees by F...(register to read more)

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