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1095-C deadlines are fast approaching - are you ready?

tax form 1095-c

Enjoy this brief compliance guide for filing 1095-Cs 

Are your clients confused about 1094-Cs and 1095-Cs? With changing requirements and deadlines, a lot of employers and administrators are dreading this year's filing season. But you can help!

If you missed our webinar, "1095-C Reporting: Your Compliance Guide for 2020," click here to watch the recording or download the presentation slides here.

Three fast facts about the 1095-C

  1. Current requirements:
    Who must file? Applicable Large Employers (ALEs) with at least 50 full-time employees or 50 full-time equivalent employees must file 1094-Cs / 1095-Cs.
    • Full-Time Employees = someone who works at least 30 hours per week or 130 hours per month.
    • Full-Time Equivalent = two or more part-time workers whose hours add up to a full-time load.

  2. 2020 changes:
    Employers who don't comply are subjected to fines now up to $550 - these penalties depend on lateness and “intentional disregard." Additionally, the new deadline for providing 1095-C forms to employees extended to March 2, 2020.
    • What stayed the same this year? "Good faith compliance efforts" relief is still in place for 2020.

  3. Who should help employers file:
    Options include your payroll company, a standalone vendor, or a broker with a ben admin system. Here is a breakdown of each:
    • Payroll Companies - though they know how to file tax forms, 1095-Cs require benefits information, so agencies become the involuntary middle man.
    • Standalone Vendors - they may generate PDFs of IRS forms, provide some reporting, and even e-file the forms, but they have to pull the information from a bunch of different sources, making the process slow and very manual.
    • Brokers / Benefits Administration Systems - this is the most logical solution. Why? Benefits systems already store all of the relevant information and data necessary to complete both 1094 and 1095-Cs, streamlining the process from start to finish. Additionally, many also handle filing and e-filing.

Need help filing your clients' 1095-Cs? There's still time! Request a demo of BerniePortal today.

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