This blog was last updated on June 27, 2021
Not unexpectedly, the IRS has released new schemas for 1094-B, 1094-C, 1095-B, and 1095-C Affordable Care Act Information Returns (AIR) right as Tax Year 2015 season kicks off for the first year of ACA mandatory reporting. This means your organization is now required to update systems appropriately or confirm that your ACA reporting vendor is doing so on your behalf and is equipped to make all the necessary adjustments. This is essential in order for you to achieve compliance and avoid costly delays and penalties. As the IRS works towards completing the build of the AIR System, Sovos is tracking updates and new additions every step of the way to make sure you are ready. The 2015 v8.0 schema makes numerous technical coding changes since the last update (v3.0) posted on November 5, 2015. The business rules and error codes have remained unchanged, but these new updates supersede other technical versions that were not publicly released. The Production Date for AATS (ACA Assurance Test System) is scheduled to begin on January 21, 2016, which is the first day you can begin sending transmittals into the IRS. Even though deadlines have been extended for printing and transmitting ACA forms, it is crucial that you make sure your IT team or vendor is ready to build the necessary updates so you can complete your transmittal properly to meet either the original and extended deadlines. Need help? Contact a Sovos representative today to learn more about how our solution can help ensure you achieve compliance with your ACA obligations.
