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The IRS ACA reporting DEADLINES for TY24 [filing in 2025] are as follows: MARCH 3, 2025: Deadline to furnish IRS FORMs 1095-B & C to individual eligible employees. MARCH 31, 2025: Deadline to e-file FORMs 1095-B & C and employer Form 1094-C plus all other required ACA documentation to the IRS. » NOTE: NO MORE […]
ACA TY24: IRS Deadlines & Penalties Read More »
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
ACA TY24: ‘Is My Company an ALE?’ Read More »
The AI revolution is fueling far-reaching business transformation. This short series of ‘AI & REGTECH’ posts has been created by the data scientists and benefits specialists at BENEFITSCAPE to help employers understand better the emerging benefits of AI for ben admin and compliance. In Part 2 BENEFITSCAPE digs deeper into the different types of AI
AI & Regtech: A Framework for Employers [Part 2] Read More »
We all agree. AI is changing many, many business practices forever. The AI revolution, like the first .com wave, is fueling far-reaching business transformation — but also a fair amount of misguided and misleading hype. In itself, this hype is pretty harmless; no more than window dressing by marketing departments. But it can also lead employers
AI & Regtech: A Framework for Employers [Part 1] Read More »
BENEFITSCAPE has appointed of Sal Vergara as Vice President for Channel Partnerships. His appointment marks a significant milestone in BENEFITSCAPE‘s continued development of best-in-class HCM Optimization Services for Employee Benefits Management. “We are thrilled to welcome Sal Vergara to our leadership team, where he will be working closely with Jude Joujoute, our General Manager of
Sal Vergara Joins BENEFITSCAPE as VP for Channel Partnerships Read More »
By BENEFITSCAPE CHAIRMAN Ken Phillips INTRODUCTION Alongside Human Capital Management [HCM] systems, employers typically use specialized ben admin software and services to manage health & welfare benefits. These best-in-class employee ben admin solutions have robust specialized functionality and deep integration with both the benefits supply chain and compliance reporting. HCMs have found it hard to
HCMs Deliver Best-in-Class Ben Admin Read More »
WHAT IS PCORI? PCORI stands for Patient-Centered Outcomes Rsearch Institute. The acronym is used as a short-hand name for the fee imposed by the Affordable Care Act on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans. The revenue generated by this fee helps fund the afore-mentioned Patient-Centered Outcomes Research
PCORI Guide & 30-Second Checklist Read More »
By BENEFITSCAPE CHAIRMAN Ken Phillips ________________________________________________________________ The IRS has invited feedback on the ACA reporting and compliance process — more specifically, on the efficiency and utility of FORMS 1094-C and 1095-C. BENEFITSCAPE’s response is a very practical one. Our focus has always been on developing specialist ACA technology — in conjunction with best-in-class managed services
A Response To IRS Call for ACA Feedback Read More »
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
ACA Filing Errors: What To Do Next Read More »
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
Regtech Transforming IRS Powers Read More »
As we enter the final straight for TY23 filings, the IRS continues to process a backlog of 226J penalty letters for ACA non-compliance in previous tax years. WHAT IS AN IRS 226J PENALTY LETTER? The IRS issues 226J notices when Applicable Large Employers [ALEs] fail to comply with the Employer’s Shared Responsibility Provision [Employer Mandate]
Survival Kit: 226J Penalty Letters Read More »
The regtech market was valued at $9.8 billion in 2022; the forecast is for $47.7 billion by 2032, at a CAGR of 17.3%. [DataHorizzon Research, November 17, 2023] REGTECH DEFINITION: Regtech uses advanced, often intelligent technologies, such as machine learning, to transform diverse specialist regulatory activities and risk management. Technology’s purpose has always been, of course,
So What Is Regtech and Why? Read More »
A. THE SIMPLE BIT: IRS FORMS & DEADLINES For all Applicable Large Employers [ALEs = average employees > 50] 03.01.2024 is the deadline for completed FORMS 1095-B & 1095-C to be sent to eligible employees. ALEs sponsoring FULLY INSURED plans are not required to complete PART III of FORM 1095-C. ALEs sponsoring SELF-INSURED plans must
An ABC of ACA Compliance TY23 Read More »
The IRS is ratcheting down on ACA compliance, and employers are seeing more notices and penalties. SHRM [Society for Human Resource Management] posted a useful guide of “the five most helpful reminders” for every ALE [applicable large employer] on rules to remain compliant. If you want all the proven steps to federal and state reporting compliance,
SHRM Posts 5 ACA Reminders As IRS Gets Strict Read More »
