Government Extends ACA Employer Data Deadlines
Government Extends ACA Employer Data Deadlines, But a Charleston Area Payroll Company is Ready Anyway
AAP Will Supply Self-Reporting Forms Alongside W-2s, Despite Two-Month Respite
The federal government announced it has extended its deadlines for employers to complete their reporting of employees’ health plans under provisions of the Affordable Care Act (ACA), but local payroll and human capital management (HCM) firm AAP is ahead of the game.
Noting the benefit to businesses of receiving both their W-2 forms and Federal Form 1095-C (“Employer-Provided Health Insurance Offer and Coverage”) at the same time, AAP announced it is already positioned to provide its clients with the paperwork required to meet federal mandates that apply to companies with 50 or more employees. The government has pushed back the deadline for distributing paperwork to employees from Feb. 1 to March 31, 2016, and for employers to report the resulting data to the IRS from Feb. 29 (on paper) and March 31 (electronically) to May 31 and June 30, 2016, respectively.
“We’ve been planning for this for quite some time, and believe that getting all the paperwork in our clients’ hands at the same time – by the end of January – will expedite the process and avoid confusion for employees when they’re doing their tax returns. So the deadline extensions are nice for many companies, but AAP clients don’t need to concern themselves,” says Andrew Osborne, AAP’s president.
The reporting requirement under the ACA doesn’t apply to the 96 percent of businesses with fewer than 50 employees. But for those businesses that are affected, the reporting requirement can be burdensome for financial or HR staff handling it on their own. The National Restaurant Association, representing more than 500,000 restaurants, denounced the data-gathering requirement, which began in 2015, as “overwhelming and extensive” and is seeking a legislative fix for the situation.
AAP has been sending the required forms to its clients and their employees since Jan. 18.
“We invested significantly in new software and devoted extensive manpower and thousands of hours of overtime to ensure we were prepared, so that our clients could be prepared,” says Osborne.
AAP celebrating its 20th year in business, serves clients in all fifty states, providing human capital management (HCM) services integrating payroll, human resources, time and labor management, and payment solutions to businesses. AAP provides secure solutions for a proficient payroll system with additional services handling workers’ compensation, 401(k) and flexible spending accounts, and health insurance as well as ACA compliance. Its corporate headquarters are in Summerville, South Carolina. For more information, visit www.aappayroll.com.