What Business Owners and Employees Need to Know About ACA Deadlines

When we think about ACA requirements and deadlines, we all tend to focus on enrollment issues. But reporting, for the purposes of filing taxes and claiming subsidies, represents another important part of the equation with regard to Affordable Care Act regulations. There are several important ACA deadlines that both employers and individuals need to know, as tax season approaches.

The first thing to keep in mind is whether a business or their employees are subject to requirements on Applicable Large Employers (ALEs). If your business employes more than 50 full-time workers, or if you work for such a company, then ALE reporting requirements apply to your situation.

Otherwise, if you’re not an ALE or don’t work for an ALE, you might not have health insurance through your employer. You will receive a Form 1095-A if you’ve enrolled in a healthcare plan through Covered California or privately. You need this form to correctly calculate your subsidies, if you receive them. Or, your employer might have chosen to supply health benefits through SHOP or an employer-sponsored plan. These employers will supply you with a Form 1095-B or 1095-C, depending upon specific requirements.

Keeping those distinctions in mind, both employers and individuals should watch the following dates as tax season approaches.

February 28. ALEs are required to file their Forms 1095-C by this date, if filing paper forms.

March 2. All other employers are required to file their Forms 1095-B or 1095-C, as applicable. If you receive your health insurance through Covered California or a private plan, you will receive a Form 1095-A by this date.

March 31. ALEs who file electronically (whether by preference or requirement) must do so by March 31.

Because employers who miss the above deadlines can be subject to penalties, we urge all employers to contact us early in the tax season to review your specific requirements. And if you’re an individual with questions about your healthcare coverage, subsidies, or requirements for filing your taxes, give us a call and we can help with that too.