Everyone in the benefits world knows that the Patient Protection and Affordable Care Act (PPACA) is about to create an avalanche of new employee counting, coverage tracking and reporting requirements for employers.
But analysts at ACAtrack.net, a PPACA compliance automation firm, say they think many “applicable large employers” (ALEs) are still thinking in hazy terms about PPACA reporting requirements that will clamp down at some point in time, without fully understanding that the current Internal Revenue Service schedule calls for ALEs to start keeping the Form 1095-C tracking data in 2015 and filing the actual 1095-C forms in early 2016.
“Many employers don’t understand they need to make an attempt [at compliance] starting Jan. 1,” the firm says. “The fines are substantial.”
To learn more about the ALE PPACA reporting requirements that are about to kick in read on.
1. The actual compliance dates are a mystery.
One obvious PPACA compliance challenge is that federal agencies seem to write PPACA compliance schedules in vanishing ink. Titanium deadlines can loom over employers’ heads for years, then suddenly move back a year.
At press time, the IRS had released only drafts of Form 1095-C — the W-2 equivalent for PPACA World — and the Form 1095-C instructions.