Dive Brief:
- With early 2016 filing deadlines looming, the IRS recently issued draft instructions for the filing of four key reporting forms related to the Affordable Care Act’s (ACA’s) individual and employer mandates, according to an informative brief from Lockton Benefit Group, in Kansas City, Mo.
- The draft instructions serve as a reminder for those who have begun preparing for ACA reporting that the deadline is drawing slowly but inexorably nearer, Lockton reports.
- The draft instructions are a call to action for employers who have not yet begun to prepare, Lockton says.
Dive Insight:
In its detailed document, Lockton outlines some of the background related to the ACA and compliance. It offers some perspective on the various aspects, including: Extensions, Waivers and the “Good Faith” Standard, Corrected Filings, COBRA Coverage, Employees in a “Limited Non-Assessment Period," Affordability Safe Harbors, Spousal Coordination, Reporting HRA Coverage, Multiemployer Plan Coverage, Controlled Group Coverage and Multiple Employer Welfare Arrangement Coverage.
It may sound like dry, boring stuff, but employers need to be aware now of deadlines and considerations for ACA compliance once 2016 rolls around.
Over the coming weeks the IRS will finalize the 2015 ACA reporting forms and instructions. Once finalized, the "reporting games will commence in earnest. There is much to learn and much to do, and the clock is ticking," Lockton says in its brief.
