IRS Releases New v8.0 Schemas for ACA Reporting

Sovos
January 8, 2016

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.

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Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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