A couple of new numbers will soon join 1040, W-2 and 1099 in the American employer’s regular vocabulary. Forms 1094-C and 1095-C are the documents that most companies with 50 or more full-time equivalent employees must fill out and file annually with the Internal Revenue Service. And here’s the kicker — the employer must file a separate 1095-C for each and every worker on staff.
The 1095-C requirement is the latest step as the Affordable Care Act, a.k.a. Obamacare, ratchets toward becoming the law of the land. Under ACA, annual healthcare reporting is required for large employers — known under ACA as Applicable Large Employers (ALE) — to show they have offered a suitable health insurance to workers. These employers can be subject to penalties if they do not offer affordable minimum essential coverage to full-time employees (and their dependents). The forms must be filed regardless of whether or not the company offers health insurance at all.
Forms must be given to employees by Jan. 31, 2016. Paper forms must be sent to the IRS by Feb. 28. Electronic forms must be filed by March 31.
The good news: Ketel Thorstenson CPAs and accountants in Rapid City, Spearfish, Williston and Custer can take care of the healthcare reporting on your behalf. We have the software, the staff and the know-how to make the process smooth for time-strapped employers.
In addition, we’re offering three workshops for employers who want to learn more about this new healthcare reporting requirement. The first one, set for Sept. 10, is already filled, but there is still space available for the two sessions on Wednesday, Sept. 16.
You can sign up for the breakfast session, 8 a.m. to 9 a.m., or the lunch session from noon to 1 p.m. The $5 cost includes food and drink. KT Partners Nina Braun, CPA, CFE, and Kevin Sickels, CPA, will be the workshop speakers. To reserve a spot, contact KT by email at RSVP@ktllp.com, or by phone at 605-716-3284.