At Selerix, we support a proactive vs a reactive approach to ACA Management which has resulted in the distribution of the ACA Summary report(s) to employers on a quarterly basis.
The goal of distributing the ACA Summary report(s) during the calendar year is:
- Allows employers to review the data contained within the report specifically focusing on the data found under Line 14, Line 15 and Line 16 which represent the Part II of the 1095-C Form provided to employees.
- Allows employers to have more control over their data by reviewing the information on a more frequent basis.
- Allows employers to capture any errors and/or make any employee record updates/changes earlier in the calendar year vs at year-end.
Timely review & feedback of the quarterly ACA Summary report(s) now is vital to ensure any code anomalies or errors you identify can be solved. To aid in the process, the attached FAQs on the Form 1095-C Reporting Codes is available to assist you in the review of the data contained within the report. To date, the IRS has not released any extensions to the form or filing process or provided a “good-faith efforts” standard. Therefore, timeliness and accuracy are essential when completing the forms and filings to avoid potential penalties. Don’t Wait! Take this opportunity to review the ACA Summary and provide feedback as soon as possible.
