View
77
Download
1
Category
Preview:
DESCRIPTION
Feeling lost and confused about the new IRS reporting requirements for the Patient Protection and Affordable Care Act? Let Paylocity guide you down the road to compliance.
Citation preview
EXIT
YESEXIT
UNSUREEXIT
NO
ARE YOU A LARGE EMPLOYER?
WHEN DO THE IRS REPORTSNEED TO BE FILED?
COMPLIANCECOUNTY
Compliance County
Welcome to
STOP
STOP
CONSTRUCTION AHEAD
WHO ISELIGIBLE FORCOVERAGE?
SLOW
MERGE
WHAT IRS FORMS ARE REQUIRED?
SLOW
MERGE
FULL-TIME EMPLOYEE: On average, I work 30 hours per week every month. I must be offered coverage!
PART-TIME EMPLOYEE: In general, I work less than 30 hours per week every month. My employer does not need to offer me coverage.
SEASONAL EMPLOYEE: As a seasonal worker, I normally work six months or less in a single year. My employer does not need to offer me coverage.
VARIABLE EMPLOYEE: Based on the conditions of my start date or my position, my employer cannot figure out whether or not I am expected to work an average of at least 30 hours per week. My coverage eligibility is dependent upon my average hours in the measurement period.
Determined large employer status
Monitored full-time status for
variable-hour employees
Evaluated and modeled plan
affordability
Offered insurance coverage to
a percentage of all full-time
employees
Completed and submitted
required IRS forms
1095-C: A document provided to each employee that shows a month-by-month view of what coverage the employer offered. All employees receive this information whether or not coverage was accepted.
This also lists, if any, what safe harbors the employer elected.
1094-C: A cumulative record of the 1095-C’s that were issued to employees. This file is submitted either electronically or via mail to the IRS to show compliance of PPACA.
Submitting 1095-C’s and 1094-C’s is optional for calendar year 2014 and mandatory for 2015. Key dates for 2015 include: January 31, 2016: All employees receive their
1095-C
February 28, 2016: The 1094-C form is mailed to the IRS
March 31, 2016: If more than 250 1095-C’s are issued, the 1094-C must be submitted electronically to the IRS
I’m a variable employee! Which way do I go?
I’m a full-time employee!
I’m a part-time employee! I’m a seasonal
employee!
A large employer is any company that employs or more full-time individuals. A company may also be considered a large employer if it employs a combination of full-time and part-time employees that is equivalent to at least 50.
Patient Protection and Affordable Care Act (PPACA) Compliance
Paving Your Way to Understanding IRS Reporting Requirements
The Patient Protection and Affordable Care Act (PPACA) aims to ensure all Americans have access to quality and affordable healthcare. Under the PPACA, employers are required to offer all full-time
employees insurance coverage. This provision is called Employer Shared Responsibility.
HOW CAN YOU PAVE THE WAY TO SUCCESSFUL COMPLIANCE?
THE QUICK SUMMARY: Employer Shared Responsibility requires large employers to offer an affordable health plan that provides minimum value to a percentage all full-time employees.
AFFORDABLE: Minimum, essential insurance coverage that does not exceed 9.5 percent of income.
How is income determined? By utilizing a combination of any of the following three safe harbors: Box 1 of W-2 wages, Federal Poverty Level and Employee Rate
THE ROAD TO
Compliance County
Checklist
View Paylocity’s video on FTE Count.
50
View Paylocity’s Hours Analysis Report video to learn more.
View Paylocity’s Plan Affordability Report video.
www.paylocity.com
Recommended