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Despite the uncertain future of the Affordable Care Act and pending replacement legislation, employer obligations still exist. Let us advise you on ACA, so you can stay informed and in compliance with ACA regulations.
Experience Matters. ETC is currently tracking over 1.5 million lives from eligibility departments around the country, filing over 500,000 IRS 1095- forms, and supporting 120 HR and compliance customers from many industries, including educational institutions, governmental institutions, retail, restaurants, hospitality, home health care, construction, staffing, medical facilities, and technological companies.
The penalties for non-compliance with IRS Section 6055/6056 reporting requirements are steep and continue to increase every year. The penalty for failing to file an information return or provide a correct payee statement to an individual is $260 per day with an annual maximum of $3.193 million (this is projected to increase).
Under IRS Section 6055, every provider of minimum essential coverage is required to report coverage information by filing an information return with the Internal Revenue Service (IRS) and by furnishing a statement to individuals. This information is used to administer and show compliance with the individual shared responsibility provision in IRS Section 5000A (the Individual Mandate).
Under IRS Section 6056, Applicable Large Employers (ALEs) are required to file information returns with the IRS and provide statements to their full-time employees about the health insurance coverage offered by the employer. This information is used to administer the employer shared responsibility provisions of section 4980H (the Employer Mandate) and as part of the determination of whether an employee is eligible for a premium tax credit.