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Payroll Today

Three key facts you need to know about the ACA in 2018

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Alice Gilman

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in Payroll Today

The IRS has released some key information regarding the Affordable Care Act for the coming plan year. If you operate on a calendar year basis, that’s now fewer than three months away.

Fact No. 1: Changes to forms and instructions

Neither the forms nor the instructions have changed very much. The draft 2017 Form 1094-C, which is the transmittal, again reflects the expiration of some transition relief.

The draft instructions to the 1094-C/1095-C make these clarifications:

  • The de minimis safe harbor rule applies to errors on line 15 of Form 1095-C. Under the de mimimis safe harbor, you don’t have to correct an error that’s not more than $100. Even better: You don’t have to inform recipients of your de minimis error. Caution: You remain on the hook for penalties for failing to filing incorrect information returns if recipients do request corrected forms.
  • Reporting COBRA. The IRS has included a link in the draft instructions to...(register to read more)

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{ 1 comment… read it below or add one }

Evan Jo October 4, 2017 at 6:33 am

IRS ISSUES NEW ACA FORMS FOR 2017 TAX YEAR [NEW REPORT]

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