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New ACA Reporting Filing Rules for 2024

New ACA Reporting Filing Rules for 2024

1 minute read

The Affordable Care Act (ACA) created reporting requirements under IRS Revenue Code Sections 6055 and 6056. The rules state certain employers must provide information to the IRS about the health plan coverage they offer to their employees.


Deadline for Filing 2022 Returns

Entitles that file at least 250 individual statements under Sections 6055 or 6056 must file electronically. The electronic filing deadline for 2022 returns is March 31, 2023.


New Filing Rules for 2024

The IRS recently released a final rule which lowers the 250-return threshold for mandatory electronic reporting to 10. This means that most reporting entities will be required to complete their ACA reporting electronically starting in 2024.


Next Steps

Employers may want to begin to explore their options. Some may be able to work with a third-party vendor or do the process themselves. For those taking the task on themselves, the IRS has a webpage which provides more information on the reporting standards for composing and successfully transmitting compliant submissions.

For more information, download the bulletin.

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Steve Smith

Steve Smith

Steve Smith, Employee Benefits Consultant for National Insurance Services, has his energy level permanently set at “high.” His maxim is “work hard, play hard.” Steve’s an expert in getting groups of people working together for a higher cause. Minnesota schools, cities, and counties rely on Steve’s unique and creative ideas of engaging employees in their own health and wellness to lower utilization trends. He has 20+ years in the health insurance field doing compliance, cost mitigation, utilization, analytics, wellness plans, and strategic planning. Steve is a licensed insurance agent and holds the designations for Managed Healthcare Professional (The Health Insurance Association of America), Certified Patient Protection and Affordable Care Act Professional (National Association of Health Underwriters), and Group Benefits Disability Specialist (Hartford School of Insurance). He specializes in Employee Benefits Consulting for Minnesota schools, cities, and counties including fully insured, self-insured, and stop-loss plans.