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“Four years ago, The Drug Education Council engaged Wilkins Miller to perform an annual audit of our financial statements and Federal awards programs and to prepare our 990. Everyone at Wilkins Miller has shown a sincere interest in The Drug Education Council and the people at Wilkins Miller have listened to our needs. The knowledgeable, professional and responsive people at Wilkins Miller have worked closely with the Drug Education Council to improve our accounting and reporting processes and we have greatly benefited from the relationship. I would highly recommend Wilkins Miller to anyone.”

Virginia Guy
Drug Education Council
 
Affordable Care Act Reporting Requirements - July 2015

The recent Supreme Court decision left unchanged the provision that Applicable Large Employers, defined as employers (and affiliated groups of employers) that employed on average 50 or more Full Time Equivalent Employees during the prior calendar year (2014) are subject to a new reporting requirement for the current calendar year (2015).

In a manner similar to the W-2 process, Applicable Large Employers will be required to provide each full time employee with certain information (by month) on Form 1095-C regarding the health insurance provided (or not provided) for calendar year 2015.  This filing will be due by January 31, 2016.

As one might expect, applying the new rules may not be a simple task.  There are a number of potential issues that may affect an Employer’s requirement to file such as:

  • Calculating the average number of Full Time Equivalent Employees
  • Impact of Seasonal Employees on the calculation
  • Determination of inclusion in an affiliated group
  • The transitional rule using "6 months in 2014” to determine 2015 filing requirements
Gathering the information necessary to determine the requirement to file as well as the information to be furnished if filing is required may involve substantial time and effort.

To avoid penalties for late filing or failure to file, we encourage you to determine if you are an Applicable Large Employer and if so, begin the process of gathering necessary information to complete Form 1095-C.

Please give us a call if we can be of assistance regarding this filing requirement.