Companies with 50 or more full-time employees should be gathering information now for the Affordable Care Act reports they will have to provide to the IRS and to their employees early in 2016.
All companies this , dubbed “ ” by the , must report whether they offered a plan with “ ” to their - employees and their dependents. They must also report details the , each ’s share the , worked and other details.
If a company is jointly owned with other companies – for example, several franchise restaurants with one owner, or two companies owned by an investor – the “ ” is considered a single , or , and must submit reports to the for all companies in the .
The is related to the ’s requirement that all Americans have , either through their or purchased individually. If an is enough to be required to but fails to do so, and one or more its employees receives a government subsidy to purchase , the may be subject to .
The Form information ALEs must file are due by the end February, 2016 if filed paper, and a later if filed electronically, which is required for ALEs with 250 or more . Extensions may be available through the filing Form 8809.
The must state whether they offered their - employees, and the employees’ dependents, the opportunity to enroll in a company-sponsored plan with – either an -sponsored plan or a plan.
The must also report the number - employees for each during the calendar year, along with the name, address and Social Security number or taxpayer ID. These numbers on the statements can be truncated (for example, just the last four digits) to help protect against identity theft.
For each , the report much include the months during the year for which was available, the months the was covered under the plan, and the ’s share the lowest- for - .
The provides a simplified alternative to information about each . To take advantage this, the must - to the and his or her family at a to the no more than $1,100 for -only . (This amount, 9.5% the Federal Poverty Level, may change each year.)
If the makes a “ ” this kind, the company can report just the names, addresses and IDs employees who worked the year, and state that the employees received a -year .
Copies Form must be to employees, including information specific to the .
Companies can also simply their by for the “98% ” exemption. An that certifies that it offered that was to at least 98% its employees and their dependents does not have to report the total number employees or the months during the year when an employee was working -.
can provide copies Form to employees paper or, if the agrees, in electronic form.
An who fails to file Form , or includes incorrect or incomplete information, may be subject to .