Nov 07, 2023
Reminder - ACA Employer Reporting is Just Around the Corner
The IRS has released the ‘final’ version of the ACA Reporting forms.
1094/1095B – these forms will be used by providers of minimum essential coverage (insurers), including self-insured/level funded plan sponsors that are not ALEs (Applicable Large Employers), and must report under Code Section 6055.
1094/1095C – these forms will be used by ALE (Applicable Large Employers) that have 50+ FTEs, under Code Section 6056 as well as for the combined Code Sections 6055 and 6056 reporting by ALEs who sponsor self-insured plans.
Federal Timeline for delivering forms to individuals and reporting to the IRS is:
| March 1, 2024 | Individual statements must be furnished by March 1, 2024. Because 2024 is a Leap Year the 30-day extension puts the deadline at March 1, 2024. |
| February 28, 2024 | Paper IRS returns must be filed by this date. However, with the new electronic filing rule, the IRS will only accept paper if the plan is submitting less than 10 forms. |
| April 1, 2024 | Electronic IRS returns must be filed by March 31, 2024. March 31, 2024 is a Sunday. The next business day is Monday, April 1, 2024. |
State Specific Deadlines
| State | Distribute Statements to Individuals By: | File with State By: |
|---|---|---|
| California | January 31, 2024 | April 1, 2024 |
| Connecticut | Yet to be released | Yet to be released |
| Maryland | Yet to be released | Yet to be released |
| Massachusetts | January 31, 2024 | January 31, 2024 |
| New Jersey | March 4, 2024 | April 1, 2024 |
| Rhode Island | March 4, 2024 | April 1, 2024 |
| Washington DC | March 4, 2024 | April 1, 2024 |
The IRS is changing electronic filing requirements for ACA and other required reporting in 2024.
Before this new requirement, employers could file their ACA reporting forms (1094/1095) by paper if the employer was filing fewer than 250 returns. Starting in 2024 (for the 2023 calendar year reporting), employers filing 10 or more returns must file their Forms 1094/1095 electronically. Employers will need to prepare to engage with an ACA reporting vendor to complete next year’s filing via the IRS AIR system. This new IRS requirement also includes Forms W-2 and 1099s.
Employers/plan sponsors that are required to report the ACA and other forms to the IRS must start to prepare, if they have not yet done so, for the new ACA electronic reporting requirement deadline is March 31, 2024.
Our article posted earlier this year explains the detail the employer/plan sponsor needs to know and understand regarding the new IRS electronic filing requirement.
We have partners to assist your client with the IRS ‘electronic’ submission requirement. To view Amwins Connect partners, please visit our Amwins Connect Storefront.
Or contact your Amwins Sales Representative in order to discuss our partners and their services.
While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it. This publication is distributed on the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice or services. Readers should always seek professional advice before entering into any commitments.
