Under the Affordable Care Act, large employers are required to file information returns with the IRS and provide statements to full-time employees.
You are a large employer if you employed, on average, 50 full-time equivalent employees or more during 2014. You must include employees of other members of any companies under common control.
A full-time employee is someone who works an average of 120 hours per month for purposes of determining large employer status.
If you are a large employer, you need to track the following information in 2015 so you can meet the reporting requirements of early 2016:
1. Whether you offered full-time employees and their dependents minimum essential coverage that meets the minimum value requirements and is affordable.
2. Whether your employees enrolled in the self-insured minimum essential coverage you offered.
It’s necessary to track the above information so you can meet the following reporting requirements mandated by the Affordable Care Act:
To be able to fill out the Forms 1095-C and 1094-C in a timely and efficient manner, large employers need to start tracking their full-time employee and insurance information for 2015 now. ■
©2015 CPAmerica International