There are several complications with the Internal Revenue Service and its forms. Most businesses are confused when it comes to how to fill in these forms as they do not have specialized staff. When you are filling in these forms, there are two factors you need to take into consideration- you have to consider the size of your business and figure out whether the healthcare plan you have is self-insured or fully-insured. Using the monthly average equivalent count for the past calendar year you effectively are able to determine the size of your company. For instance, for determining the size of 2017, you need to use equivalent counts of 2016.
Understand form 1095 C
Form 1095 C is the report for the employee-level medical coverage for ALEs that are fully insured. The form is sent to employees for their records. The employer also files this form with the Internal Revenue Service. You should file a form 1095 C for a fully insured plan for any employee who worked full-time at any point of the year that is being reported. Here, you should complete Part I and Part II.
For a self-insured plan, you should file Form 1095-C for every employee who has worked full time at any part of the year being reported as well as every subscriber to the medical plan. You should fill in Part I and Part II for all full-time subscribers and employees. You should complete Part III for every subscriber enrolled in the medical plan and all its dependents covered under that subscriber or employee.
Avoid penalties and late fees
When you are filing form 1095 C for your business, you must ensure it is filed correctly and on time. If you file the form incorrectly, you will be liable for potential penalties. You will be penalized if you do not submit the form on time. In short, it is prudent for you to seek help from ACA reporting professional companies. They have affordable packages to help you get accurate help when it comes to filing this form for your business.
Get professional help for your ACA reporting needs
ACA reporting companies will not provide you with legal advice. They will help you to submit the form 1095 C to the IRS correctly. For this you must take the help of a lawyer. These companies will assist you when it comes to filling in the form and submitting it under the IRA regulations. Compare ACA companies and request for price quotes. Take help from these experts and request them to give you a free quotation. Ask them questions and address your concerns so that you effectively are able to submit documents easily, accurately and on time. In this way you can avoid late fees and potential penalties in the process.
When you are looking for help and assistance for filling in form 1095 C, ensure you check the credentials and the track records of different ACA reporting companies to get the best experts to help you submit documents accurately and on time.