On March 6th the IRS released the final regulations on the new information reporting requirements imposed by the ACA on “large” employers beginning in 2015. Even if the employer is taking steps to avoid the employer mandate and related penalties it will still be burdened with the cost of generating the data, filing the new forms with the IRS and providing copies to all employees starting in January 2016.
Generally, these new 2015 reporting requirements will apply to all employers who average 50 or more full-time and full-time-equivalent employees during 2014. While employers with 50-99 full-time and full-time-equivalents in 2014 have been given an extra year (until 2016) before they will be subject to the employer mandate the information reporting requirements have not been delayed.
While it is highly likely that your payroll service or payroll software system will assist with the new data collection and form filing it is still ultimately your responsibility to ensure compliance.
Kaufman & Canoles is pleased to invite you to attend a complimentary webinar on Tuesday, April 8th to learn more about these new requirements.