Section 6056: Large Employer Reporting
TSC1099 allows users to upload year-end employee data that includes basic information from which our system will calculate the codes and furnish the 1095-C tax form. The system architecture was prepared with the end-user experience in mind. The system combines an intuitive user interface with automated form generation to make it a vital year-end resource for companies reporting form 1095-C/1094-C.
Who is required to file? Applicable Large Employers (ALEs) that have +50 full-time or full-time equivalents are required to distribute form 1095-C to its employees. These forms contain detailed health coverage information and offer codes that the employee will use to verify whether or not they (spouse + dependents) were covered for each month during the year. It is important that the employer distribute these forms in a timely and accurate manner to avoid misreporting and costly penalties from the Internal Revenue Service.
Health Care Law is some of the most complex. But, tax time does not need to be a costly and time consuming burden to your organization. Our system and service team is here to make the process of reporting a less stressful time of year.
Changes for 2016 Reporting
- The IRS has not published any mention of a mailing or e-filing extension like the one that was granted for 2016 filings. As of now we should anticipate January 31st for mailing and March 31st for e-filing.
- There have been changes to codes. Code 1I for Form 1095-C, line 14, and code 2I for Form 1095-C, line 16, are no longer applicable and have been removed. New codes 1J and 1K have been added for Form 1095-C, line 14. For more information, see the instructions.
- On November 18, 2016 the IRS sent out Notice 2016-70 announcing the extension for furnishing information returns 1095-C and 1095-B to recipients from January 31st to March 2nd.
How does it work? After speaking to an ACA compliance consultant and determining your reporting responsibilities we will provide you with one-on-one training sessions on how to use the cloud system. All ACA users will be given a standard excel template and data collection guidance.
Simply upload your annual employee data file and our system calculates the individual codes for each tax form—saving you countless hours. Finally review and approve the 1095-Cs and you are done.
Additional system features:
- Automated offer code generation
- Automated Safe Harbor Code generation
- Supplies and delivers 1095-C Form Series
- Real-time 1095/1094-C corrections to IRS
- Form quality control review
- Sample data review sessions
- Data consolidation into one comprehensive database
- Tax ID Validation Services
- Electronic Presentment of employee statements (1095-C)
- Custom Data Manipulation
- Variable Hour Tracking
- Very intuitive web application with no software to learn
- Reduce risk of new IRS penalties
Call today and speak to an ACA account representative to discuss your 2017 reporting obligations!
Phone: 312-527-4306 | Email: [email protected]