The Affordable Care Act (ACA) came with some new reporting requirements for employers with over 50 employees. These new forms took effect in the 2015 tax year. This has left the HR departments in many medium and large businesses scrambling to learn the new requirements and complete the forms. Form 1095-C must be sent to all full-time employees eligible for health care coverage under the Affordable Care Act, whether on not the employees chose to enroll in the health plan. The form shows the coverage offered to the employee, the premium for the coverage, and the months of the year that the employee was eligible for the coverage. Form 1095-C must be sent to employees by the end of January. Copies of form 1095-C must also be sent to the IRS. This is how they are tracking compliance with the ACA. Businesses who are not compliant may have to pay a penalty so it’s important to get the forms completed and sent to the IRS on time. Form 1094-C is basically a cover sheet for each business that gives general information about the employer, employees, and number of 1095-C forms that are being sent in. Form 1094-C and all of the copies of form 1095-C need to be postmarked no later than the end of February if sending paper forms or sent electronically no later than the end of March. Businesses with more than 250 forms do not have the option of sending in paper forms. Human Capital Management software has been catching up to the requirements. PeopleSoft HCM has an update available that includes the forms 1094-C and 1095-C. The new functionality makes the required reporting easy and can save your company a lot of time. To get the new patches, go to My Oracle Support. Look for patches 22309182, 21933746, and 22258257. If your organization is having problems with PeopleSoft updates or isn’t getting the most out of the program, contact us for help.
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