For this year only the IRS is granting penalty relief for employers who comply with the reporting deadlines and must later correct errors, providing the employer can demonstrate they made a good faith effort to comply with the reporting requirements for 2015. Applicable large employers were required to give their employees forms 1095-C by March 31, 2016. They are also required to file Forms 1094-C and 1095-C with the IRS by May 31, 2016 for paper submissions or June 30, 2016 if filing electronically.
This makes it particularly important to meet all deadlines for filing, even if you must make corrections later. Further, this relief is for reporting year 2015 only so now is a good time to review the issues that caused problems this year and make changes. For Employers who have Sage HRMS and either Sage HRMS Payroll or Sage 300 Payroll keeping on top of this information throughout the year is much easier with My Workforce Analyzer. This module helps track employee eligibility throughout the year and discover issues that may cause problems at year end. The module uses information from the HRMS benefits and actual payroll information to generate the 1094-C and 1095-C forms. It integrates with Aatrix to provide an additional layer of error checking and electronic filing. They will also mail the employee copies if you prefer. This year they offered a package price for employers who were ready to process their W-2’s and 1095-C’s at the same time. It is anticipated that next year all forms will be due to employees by January 31, 2017 so a package price may be worth considering.
We will continue to monitor any changes in the Affordable Care Act and how HR and Payroll information is affected.