Mark Beeching

ACA TY24: IRS Changes, Tips, & Common Errors

Featured, News, Trending, Uncategorised / Mark Beeching

If you read only one ACA Compliance & Reporting guide this year, make sure it’s this one! There are plenty of ACA guides out there. A lot contain errors, some are plain wrong, and more and more are loosely AI-generated. Most are confusing, to say the least. As if ACA governance, risk management & compliance

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ACA TY24: State Mandates Guide & Checklist

Uncategorised / Mark Beeching

When passed, the Affordable Care Act [ACA] required individuals to purchase & maintain qualifying health insurance coverage – or face a federal penalty. By reducing these penalties to zero in 2019, the federal Tax Cuts & Jobs Act [TCJA] effectively repealed the ACA individual mandate [as distinct from the ACA employer mandate]. Eleven US states

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Dayforce Strengthens BENEFITSCAPE Partnership

Featured, HCM OPTIMIZATION, News / Mark Beeching

The annual Dayforce Discover event starts in Vegas on Monday, November 11. BENEFITSCAPE will be participating this year as both the Dayforce Software Partner and Dayforce Consulting Partner for Benefits & Compliance. HCMs DELIVER BEST-IN-CLASS BEN ADMIN. Dayforce’s deep BENEFITSCAPE partnership reflects the industry-leading work BENEFITSCAPE has done pioneering ACA COMPLIANCE & REPORTING along with

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IRS Publishes Forms 1095-B & C for TY24

Featured, News / Mark Beeching

The IRS has published the TY2024 ACA Compliance & Reporting templates for employee FORM 1095-B and FORM 1095-C. The TY24 deadlines for distributing these forms to employees and for filing to the IRS are as follows: Forms 1095 Distribution Deadline: March 3, 2025 FORMS 1095 IRS E-Filing Deadline: March 31, 2025 FORMS 1095 & STATE-MANDATED

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TY25: IRS Sets ACA Affordability at 9.02%

News / Mark Beeching

The TY25 AFFORDABILITY THRESHOLD for calculating employer ACA compliance has been increased to 9.02% of the employee’s household income. This move by the IRS follows three years of decreases — from 9.83% in 2021 down to 8.39% for the current TY 2024. The increased threshold will take some of the budgetary pressure off the health cover

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AI & Regtech: The 7 Key Takeaways

Featured / Mark Beeching

This three-part series on AI & REGTECH has been created by the data scientists and benefits specialists at BENEFITSCAPE to provide a high-level framework for understanding how AI can support ben admin and compliance. In this final post, we sum up the key takeaways for employers from Parts 1 & 2. 1. AI comes with

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ACA Filing Errors: What To Do Next

You met the IRS reporting deadline. But now it’s time to correct any filing errors. All Applicable Large Employers [ALEs] get one of 6 IRS responses to their Form 1094-C and Form 1095-C ACA submissions. These responses, sent via the IRS AIR e-filing system, do not signal a company’s final ACA compliance status. They are

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Late Filings & Other Timely ACA Tips

News / Mark Beeching

Now that the April IRS deadline for ACA reporting has come and gone, here three timely tips for employers. 1. NOW’S THE TIME TO SET UP FOR TY24. BENEFITSCAPE recommends all employers process their ACA compliance data month by month — and don’t just wait till year-end. Today is an ideal time to talk to BENEFITSCAPE

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Regtech Transforming IRS Powers

Featured, News, Trending / Mark Beeching

Without much fanfare, a radical data science revolution is taking place inside the Internal Revenue Service [IRS]. And all corporate employers should take note — and take steps not to get caught out by it. From 2010 to 2021, the IRS experienced budget cuts in real terms of 22%, leaving it with outdated technology and a

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ACA Deadlines Almost Here

News, Uncategorised / Mark Beeching

The IRS ACA reporting DEADLINES for TY23 [filing in 2024] are as follows: MARCH 1, 2024: Deadline to furnish IRS FORMs 1095-C to individual eligible employees. [This date takes in account that 2024 is a leap year.] APRIL 1, 2024: Deadline to e-file FORMs 1095-C & 1094-C plus all other required ACA documentation to the

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ACA Reporting: IRS Codes Explained

Featured, Uncategorised / Mark Beeching

There are two series of IRS CODES for ACA reporting & compliance. These codes relate to LINES 14 & 16 of IRS FORM 1095-C, the individual employee form that as health plan sponsors APPLICABLE LARGE EMPLOYERS [ALEs] must complete and distribute to all eligible employees. See here for the difference between FORMS 1095-B & 1095-C. Series 1 Codes:

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ACA State Mandates: A Guide & Checklist

News / Mark Beeching

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ACA TY23: “Is My Company An ALE?”

News / Mark Beeching

All Applicable Large Employers [ALEs] are subject to the ACA’s employer shared responsibility [ESR] provisions. They must report on ACA compliance to the IRS. Below is an explanation of how to calculate ALE status. If in any doubt, please contact BENEFITSCAPE, the leading specialist in ACA compliance. It provides an ALE calculation service and can answer any other

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ACA TY23: IRS Changes, Tips & Common Errors

News / Mark Beeching

If you read only one online ACA guide this year, make sure it’s this one! There are lots of ‘essential’ ACA guides out there. Many are confusing. Some contain errors. As if ACA governance, risk management & compliance weren’t complicated enough. Getting things wrong can prove very costly. So we’ve done our best to stick here to

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