ACA Reporting – New Required Form

ACA-reporting

Since the Affordable Care Act (ACA) was put into place in 2010, many companies have been impacted in a variety of ways. Not only are companies required to provide affordable coverage (“minimum essential coverage”) for their employees, but they are also required to provide compliance reporting to the IRS as stipulated by the health care law. ACA reporting adds tremendous responsibility for human resource departments. Starting in January 2016, employers with more than 50 full-time employees must provide a new Form 1095-C to their employees along with the 1094 C form and W-2s, only adding to the myriad of details for HR to handle. The new 1095-C form shows that the employee and/or their family members had qualifying health coverage required by ACA. Employees will need to share this form with a tax preparation company along with the other tax documents when filing their taxes. Companies must provide this form to their employees by the end of January 2016. The following provides important points to keep in mind about the ACA reporting:

  • The new 1095-C form must be completed for all full-time employees who have been with the company for at least 1 month of the calendar year, including COBRA plan holders, and provide employees with a copy of Form 1095-C by January 31, 2015.
  • Employers must report information for all 12 months of the calendar year on each employee regardless of if they participate in an employer-sponsored group plan and part-time employees enrolled in the employer’s self-insured plan.
  • To ensure employees are aware of the new form and necessity for tax purposes, communicate to them via email, postcards, intranet, posters, group meetings or newsletter.
  • Send reminder communication to employees so they do not forget to complete and file the form.
  • Keep an open line of communication with your employees about important health reform information to address any questions that may arise.
  • Make sure to include messaging about the form, as well as other ACA requirements to employees as part of year-end communication.

For more information on the new Form 1095-C, visit https://www.irs.gov/uac/About-Form-1095-C.

Unplugging on Your Vacation

vacation-unplugging

Ah, summer vacation. It’s a time to sit back, relax, and take a break. All too often, it seems like Americans don’t know the meaning of unplugging from work and social media; they’re faced with the dilemma of either enjoying a few days or weeks off from work or staying chained to their email, work phone, Facebook, etc. Instead of soaking in the summertime, they’re fully immersed in the world that they thought they left behind.

Here are a few tips to really unplug during your well-earned vacation, whether it’s an exotic escapade or a weekend staycation:

  • Disable your work email - While it may seem like your company will fall apart without you, chances are that it won’t. Have a little faith in the colleagues that you left behind; they’ll manage without you. If you have to, give one or two trusted people your personal email address for emergencies. But otherwise, it can wait.
  • Turn off your phone - Of course, no one expects you to throw your cell phone in a lake before you leave, but you can limit your interactions with the world back home. Try to limit use of your phone. Not only will this allow you to enjoy wherever you are, but your family or travelling companions will appreciate the extra attention.
  • Stay off of Facebook - There’s nothing wrong with checking social media every once in a while, but there comes a point when it’s time to stop interacting with Facebook friends and spend time with the friends and family surrounding you. Don’t be so worried about posting the perfect picture that you forget to enjoy the scenery yourself.
  • Relax - Every day brings new stress and responsibilities, a long to-do list and people counting on you. Vacation offers you the opportunity to ignore all of this for a short time. Believe it or not, that project presentation for work can wait until next week. For now, it’s time to relax.

Remember to take a moment to enjoy your time off, however long you have. You’ve earned it.