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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.
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.
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.
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.