This blog was last updated on June 27, 2021
Affordable Care Act reporting deadlines are just around the corner. This complicated law has significant tax implications for businesses. There are many ACA obligations that are a part of the ACA legislation that organizations must fulfill, including those for reporting as a large employer. The IRS will be monitoring businesses’ compliance with these reporting requirements. Employers are required to furnish a yearly statement to their employees and dependents, documenting the health care coverage they were offered and the months they were covered. Businesses also are required to file such information electronically by way of transmittal to the IRS. This reporting is required for tax year 2015 and failure to do so could result in hefty fines. Taxport ACA from Sovos Compliance simplifies this complex procedure in just a few steps. From simplified data import, validation, and corrections to form generation, printing, and regulatory reporting to the IRS with just one click. Sovos Compliance is ready to help organizations file all the requisite 1094 and 1095 forms, having filed nearly 1 million ACA tax forms in the 2014 tax beta testing year. Learn more about how Taxport ACA can help your business at sovos.com/ACA or sign up for our blog for timely and informative updates.
