ACA reporting season is officially here, and with deadlines just around the corner, businesses must act quickly to ensure compliance. Missing deadlines or filing mistakes can lead to costly penalties and unnecessary stress. This guide covers everything your business needs to know to meet ACA reporting requirements confidently.
Why ACA Reporting Is Crucial for Your Business
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Avoiding Penalties and IRS Scrutiny
Accurate ACA reporting ensures compliance with federal regulations and protects your business from penalties for errors or omissions reaching up to $280 per form.
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Building Trust With Employees
Transparent reporting demonstrates to your workforce that your business values their benefits and complies with all legal requirements.
Key ACA Reporting Deadlines for 2023 and 2024
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January 31, 2024
Employers must distribute 1095-C forms to employees by this date.
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February 28, 2024 (Paper Filing)
The deadline for employers to file 1094-C and 1095-C forms is by mail.
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March 31, 2024 (Electronic Filing)
The deadline for employers filing electronically is required for businesses with 250 or more forms.
Common Mistakes to Avoid During ACA Reporting
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Incorrect Employee Information
Ensure employee names, Social Security numbers, and coverage details match IRS records to avoid rejections.
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Misclassifying Employees
Properly identify full-time employees to meet ACA requirements.
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Missing Deadlines
Late filings can lead to penalties that grow quickly over time.
How to Simplify ACA Reporting for Your Business
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Leverage Technology for Accuracy
Use reporting software or tools to streamline form preparation and reduce errors.
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Partner With Compliance Experts
Work with professionals like BC2. Save time, ensure accuracy, and keep your business compliant.
Last Steps to Prepare for ACA Reporting Deadlines
As deadlines approach, take these final steps to ensure your ACA reporting is on track:
- Verify all employee and coverage data for accuracy.
- Review deadlines to ensure timely filing.
- Consult a compliance expert for additional support.
Get Expert Help With ACA Reporting Today
Don’t let ACA reporting deadlines catch your business off guard. With the right preparation and support, you can avoid penalties and set your business up for success in 2024. Contact BC2 to learn how we can simplify your ACA reporting process and keep your business compliant.
