What are the Large Business Reporting Requirements?
We are trying to understand the reporting requirements for ACA compliance. Our company offers health coverage to all employees including their dependents. The company pays half the premium for which ever coverage the employee elects, whether they elect single or family coverage.
The question that we have in the collection of information on the benefit amount, are we to report only single coverage premium they would be responsible for even if they elected family coverage? How do we report or do we have to report if they decline the coverage offered to them?
Also, another question we have is about the coverage codes, we have located information which indicates the definitions of 1a, 1b, 1c, and 1d, but our software has more categories listed up to 1l. Are there more codes?
Also, we need to know about the safe harbor. What does that mean? Do we qualify? and there are codes in our software that have no definitions, and we have been unable to locate those codes that correspond in the reporting.
We are looking forward to further clarification.
Kandra
I started my business in 2019, I have a subchapter S status and am NOT a large employer for health insurance purposes. What are the reporting requirements? I track and compute the number of full time and fte employees every month as part of my financial close processes but I want to make sure that I do not have to report anything to the IRS or on form 1120S that I am not a large employer? If we are not a large employer, do I need to file anything with the IRS or employees?
ObamaCareFacts.com
If you don’t have over 50 FTE then you don’t have reporting requirements in terms of the ACA. If you are offering health benefits however you may still have reporting requirements in terms of offering health insurance. You should be able to inquire about this through the firm providing your group health plan though.