ACA Reporting Deadlines for 2024: What Employers Need to Know

“The clock is ticking… to 2024!” 

ACA Reporting Deadlines

As 2024 draws near, it’s important for employers to know when the ACA reporting dates are. Certain firms are required by the Affordable Care Act (ACA) to disclose information on the health coverage they provide to their employees. The IRS uses this information to enforce adherence to the individual mandate and employer shared responsibility requirements of the Affordable Care Act. If you don’t meet these dates, you could face penalties. Here are some important events that you should put on your calendar. 

Form 1095 Deadlines

This is the document used to report information about the health coverage offered to employees. Depending on your organization’s size and structure, you may use Form 1095-C, 1095-B, or both.

Deadline for Providing Copies to Employees: March 4, 2024

Deadline for Filing with the IRS (Paper): February 28, 2024

Deadline for Filing with the IRS (Electronic): April 1, 2024

Information Required for 2024 ACA 1095 Reporting

Employers and health coverage providers are required to report details regarding the coverage they offer to employees and individuals, respectively. Here is a summary of the information required to complete the ACA reporting,

• Basic information about the employer or the health coverage provider, such as name, EIN and address
• Basic details of the employee or individual
• Details regarding the health coverage offered, such as months of coverage (1095-C Codes)
• Basic information about the individuals covered, if applicable (Name, SSN or DOB, and months covered)

Penalties for Non-Compliance

• Employers failing to meet ACA reporting requirements face potential penalties. These penalties can be significant and vary based on the nature and extent of the non-compliance.
• Penalty for Late or Incomplete Forms: $290 per form (as of 2024)

Best Practices for ACA Reporting

• Maintaining accurate records
• Utilize reliable software or services.
• Thorough data review and validation
• Stay informed of regulatory changes
• Seek professional guidelines 

By understanding and adhering to the ACA reporting deadlines for 2024, employers can navigate the process effectively and avoid costly penalties. Taking proactive steps now will contribute to a successful reporting season. 

Got questions that require assistance with ACA reporting? Don’t hesitate to get in touch with our expert team at 301-840-6624 

Don’t wait until the last minute. Let’s work together to ensure a smooth and compliant reporting season for your organization!