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Tuesday, 08 December 2020 16:41

2020 ACA Reporting: What Employers Need to Know

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The Affordable Care Act (ACA) reporting for employers can be confusing, burdensome, and time-consuming. Most of the reporting requirements have not changed, but every year we see employers rushing to complete the requirements before the deadline. One of our partners, Benefit Advisors Network, has put together a resourceful guide with instructions and forms for the 2020 employer reporting requirements. 

The ACA reporting Sections 6055 and 6056 have included reporting requirements for employers offering benefits plans since 2015. As you may know, the individual mandate penalty was repealed effective January 1, 2019, however the employer mandate is still in place.

In our ACA Employers Guide, you will find information regarding which employers are required to file which forms, and further information such as:

  • What's New for 2020

  • COVID-19 Impact

    • Furloughs and Reduction in Hours

  • 2020 Filing Deadlines and Extensions

    • Electronic Filing

  • Penalties

  • B-Series Forms and Instructions

  • C-Series Forms and Instructions

  • Tips and Tricks

The simple chart below from our ACA Employers Guide summarizes the requirements for an Applicable Large Employer (50 or more full-time equivalent employees or FTEs) vs a Non-ALE (less than 50 FTEs), depending on their funding structure. 

As a reminder, forms 1095-C must be provided to individuals by March 2, 2021. Forms 1094-C and 1095-C must be filed with the IRS by March 1, 2021 or March 31, 2021, if filing electronically.

If you have additional questions or concerns about the 2020 ACA Employers Guide or previous filing requirements, click here to schedule a call with a member of the Fall River Team.

Read 684 times Last modified on Wednesday, 10 February 2021 14:13