What employers want to know is, “Will Congress pass a bill to replace ACA before ACA 1095 & 1094 Reporting is due?” Not likely! No matter what happens in Congress for 2017, Applicable Large Employers (ALE) will likely be required to submit ACA Reports 1095 and 1094 in January. There is just not enough time for anything to pass and be implemented before the established deadlines. The IRS has not given any indication that they will not require these reports or assign fines if reports are not complete.
The New York times advised on Thursday, Republican Senators “unveiled a fresh proposal to repeal and replace the Affordable Care Act, revising their bill to help hold down insurance costs for consumers while keeping a pair of taxes on high-income people that they had planned to eliminate.” Yet, “the measure was immediately imperiled when two Republican senators, moderate Susan Collins of Maine and conservative Rand Paul of Kentucky, announced they were not swayed. This could hinder their ability to obtain enough votes to proceed.
As you are aware, 5500 reports are due within 7 months after the beginning of the plan year for employers with 100 or more participants. If employers have a calendar year plan, July 31st is their deadline. Fines have been increased for being late or not filing at all so make sure these reports are completed on-time.
We would love to complete your ACA & 5500 reports making things go simple and hassle free at a fair rate. Contact us for assistance at: (855) 447-3375 x 1 or email ClientSupport@hrserviceinc.com