Are your teams ready for ACA 2021 changes? If you have ACA reporting to turn in to the IRS, it’s time to familiarize yourself with 2021’s key deadlines and important changes. Here’s what you need to know to keep your company on track for correct 2020 ACA reporting.
2021 Deadlines for ACA Filing
Is your organization an ALE (Applicable Large Employer)? If your organization has had an average of fifty or more full-time equivalent employees during the preceding calendar year, your 1095-C forms must be filed with the IRS on time. While the due-date for sending these forms to employees has been extended to March 2, 2021, there is no extension on the February 28, 2021 (paper) or March 31, 2021 (e-file) IRS deadline.
Extensions for filing with the IRS can be applied for as long as the proper application for extension is filed by the filing due date.
With firm IRS due dates, it’s doubly important to make a plan for your 1095 reporting as soon as possible. That’s because the 1095-C form has changed. Is your team prepared to take on these changes?
Important Changes to Existing ACA Forms
Additional lines of code have changed the 2020 Form 1095-C from previous versions. Some of these changes reflect a new type of health reimbursement account: individual coverage HRA (ICHRA). With this additional reimbursement type, reporting could look very different and take on a new level of complexity for Human Resources teams.
With several new lines and a second page of the 1095-C form, these changes could create problems for some reporting systems.
Help is Available for ACA Reporting and Filing
Are ACA filing and reporting requirements tough for your company to fulfill? WBD can help! We offer comprehensive benefits administration, including everything you need for a successful ACA filing. Contact us today to learn how WBD can create an ACA solution for your company to see you through 2021’s big changes . . . and beyond.