ABOUT THE ACA
Affordable Care Act / ObamaCare
President Obama signed the Affordable Care Act into effect in 2010. As a result, it established massive reform to the United States’ health care system. Those changes include removing pre-existing condition exclusions, and increasing the quality of available healthcare. The ACA is also known as PPACA, but is most commonly called Obamacare.
The ACA also implemented employer and individual mandates. These require verification of compliance with the ACA. Therefore, the IRS added Sections 6055 and 6056 to the Internal Revenue Code. Especially relevant to employers, the IRS code dictates that all Applicable Large Employers (ALEs) must report on the medical coverage offered to their full-time employees. The form that reports this information is Form 1095-C and is often referred to as “the health care W-2.”
Accurately reporting health care coverage is both complex and time-consuming. It requires knowledge of the IRS rules, benefits compliance, in addition to over 30 different codes. Consequently, inaccurate reporting may lead to complications and potential penalties.
Don’t waste time and energy on ACA Reporting. Let MZQ handle reporting for you. ACA Reporting—it’s what we do.
Click here to request a quote.