Year-end 2015 will bring new
reporting requirements for employers for the Affordable Care Act
(ACA). You may think this reporting only applies to organizations
subject to the Employer Mandate (otherwise known as
"Applicable Large Employers" (ALEs)) - those with more
than 50 full-time-equivalent employees (FTEs), but that's not
necessarily the case. Even small employers may have to comply with
these reporting requirements if their group health plan is
self-insured.
How do you keep these complicated reporting requirements
straight?
There are two kinds of forms - the "B" forms (1094-B
and 1095-B) and the "C" forms (1094-C and 1095-C). An
easy way to look at ACA reporting is by considering it similar to
wage reporting using Form W-2. The 1095 forms are sent to EACH
employee reporting their insurance coverage, much like W-2s are
used to report wages. The 1094 forms summarize the underlying 1095
forms, much like Form W-3 summarizes all the wage statements.
