Topic: Benefits - page 11

In February 2015, the IRS issued final forms and instructions related to the Affordable Care Act (ACA). Back in December, 2015, the IRS issued a deadline extension for the new ACA reporting requirements. For tax year 2015, employers and insurance carriers are required to report medical coverage data under Internal Revenue Code sections 6056 and 6055.
Below is what you need to know to decide what you need to report and what form to use. The chart above is a handy reminder of the deadlines to file this paperwork.
Start by figuring out if your company is considered an applicable large employer (ALE)
An ALE is a company that employed 50 or more full-time employees, including full-time equivalent employees (FTEs), on average during the previous calendar year. Generally, a full-time employee is someone who works 30 or more hours a week, on average. Internal Revenue Code section 6056 applies to companies that meet the definition of an ALE, including companies that did not offer group medical coverage in 2015.










