It's almost ACA reporting time again! Remember there are large penalties associated with failing to file.
Kraus Anderson Insurance and Jenny Pine, who partners with Edfin and many of its schools, shared the notice linked below. A
few key highlights are as follows:
Important Filing Deadlines:
Paper Returns: Due by February 28, 2025.
Electronic Returns: Due by March 31, 2025. Employers filing 10 or more returns must file electronically.
Individual Statements:
Upon Request Only: Forms 1095-B and 1095-C are only sent to individuals if requested. Requests must be fulfilled by January 31 of the following year or 30 days after the request, whichever is later.
Notice Requirement: Employers must post a clear notice on their website by March 3, 2025, stating that individuals can request their statements. This notice must remain until October 15, 2025.
Covered Employers:
Self-Insured Health Plans: Subject to Section 6055 reporting.
Applicable Large Employers (ALEs): Those with 50 or more full-time employees must comply with Section 6056 reporting. ALEs with self-insured plans must comply with both Sections 6055 and 6056 but can use a combined form.
EdFin and Kraus Anderson have some great tools to help, please reach out to Jenny Pine and the Kraus Anderson team or your EdFin payroll staff!
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