1094-C and 1095-C and Employer Shared Responsibility Requirements
- Dec 06, 2019
- 01:30 PM EST
- 90 minutes
Despite efforts to chip away at the Affordable Care Act (ACA), the employer mandate remains in effect, along with its onerous reporting requirements. As the IRS continues enforcing the mandate and assessing penalties, timely and accurate submittals are more crucial than ever. Moreover, the IRS has now begun penalizing employers directly for late or absent submittals.
Employers need to know what's expected with the 1094-B, 1095-B, 1094-C, and 1095-C forms, along with the broader context of how the ACA provisions on employer shared responsibility payments (ESRPs) could apply to them.
The best way to prepare is to be “in the know” as soon as the forms for tax year 2019 become available so you'll be well prepared to tackle them. But, all the preparation in the world could still leave you with many lingering questions, such as:
- Are we required to fill out the 1095-C at all?
- If so, when and what are we required to report?
- How do the reporting requirements vary if we are fully insured vs. self-insured?
- How do we account for employees who are offered health coverage, but decline it?
- Who is required to report if we sponsor a plan for employees of multiple employers?
- Can we get a filing extension?
- What are the penalties if we mess up the reporting?
- How do we account for retirees and COBRA recipients on the 1095-C?
- What about multiple members of the same family who are all full-time employees with us—and all received offers of coverage?
- What do we do if we can’t get dependents' Social Security Numbers—and how often are we required (or allowed) to ask for them?
Since the IRS started enforcing the ESRP provision, many employers have been caught off guard by the "226J" letters they received, and the sometimes substantial assessments they had to face as a result. Employers have just 30 days from the date of an IRS letter—not 30 days from when they receive it—to do one of two things: pay up or dispute the IRS' ESRP calculation.
Join us on December 6 for an in-depth webinar as Attorney Damian Myers of Proskauer Rose helps you prepare for the next round of ACA reporting, based on lessons learned from previous years as well as from recent IRS enforcement activities.
- Your organization's information reporting requirements under the ACA
- Penalties to watch out for under Sections 6055 and 6056 of the IRS Code
- How to ensure proper distribution and filing to avoid information-reporting penalties
- Lessons learned from previous reporting challenges
- Common ACA reporting traps and pitfalls to avoid
- What to do if you receive a Letter 226J
- Opportunities in the reporting and enforcement process to minimize your potential ESRP liability
- The top 5 reasons why the IRS believes you owe a penalty, even though you may not
- The effect of the recent repeal of the individual mandate
- States starting to impose their own employer reporting requirements
- And much more!
YOUR EXPERT INSTRUCTOR
Damian A. Myers, Esq.
Damian A. Myers is a senior counsel in the Employee Benefits & Executive Compensation Group of Proskauer Rose LLP where he represents public and private companies on matters related to employee benefits and executive compensation law, including compliance with ERISA, tax, corporate and securities laws and regulations affecting employee benefit plans, programs and arrangements. He is an expert in health and welfare benefit plan design and administration. In that regard, Myers provides his clients proactive, ongoing advice regarding compliance with the various laws applicable to health and welfare plans, including ERISA, the Internal Revenue Code, the Affordable Care Act, HIPAA, COBRA and the Mental Health Parity and Addiction Equity Act. He advises on day-to-day administrative matters and government agency inquiries, monitors and advises his clients on legislative and regulatory health care reform developments, and assists them with evaluating and selecting medical plan networks and claims administrators. He also negotiates related administrative service agreements and advises on pharmacy benefit design and evaluation and negotiation of pharmacy benefit management agreements, with a focus on price transparency and pass-through of rebates and discounts.
This program has been pre-approved for 1.5 hours of general recertification credit toward PHR and SPHR recertification. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
Business & Legal Resources (BLR) is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP or SHRM-SCP. This program is valid for 1.5 PDCs for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit the SHRM Certification website at www.shrm.org/certification.