If you have 50 or more employees this is critical news for you!
New reports must be filed for 2015 for ACA (Affordable Care Act aka “Obama Care”) Reporting
If the IRS deems your company to be an “ALE” (that stands for Applicable Large Employer), you must provide employees a form this year with their W-2 that reports information on their health insurance plan and premiums. These two forms are the 1094 & 1095 forms – the employee will receive the 1095 forms with their W-2’s.
- The first step is to determine if your company IS an ALE and if you are subject to the new requirements. This link to the IRS website will help you determine if you meet the criteria as a “large” employer.
- If you ARE a “large” employer, the next step you must do is register with the IRS to submit your ACA forms electronically by applying for new TCC #’s. This process will take 1-2 weeks and should be started as soon as possible. WolfePak will not be doing paper forms to the IRS, so this step is important! This process involves a responsible official of your company (preferably 2 officials) registering through e-services, which will require them to fill out the form online using their PERSONAL information and having a paper confirmation mailed via USPS to their residence. WolfePak has produced two videos to assist you through this process and they are posted on the WolfePak Channel on YouTube.
WolfePak is working hard finishing up the programming for the new IRS forms and we will let you know soon when an update is ready so you can begin populating the software with your employee information regarding the new codes the IRS requires. We are attempting to make this process as seamless as possible by adding some utilities to auto-populate the Employee Master for you.