HR Professionals and small business owners are constantly bombarded with new labor laws or changes in the existing ones.
The forms require applicable large employers to report information about offers of health insurance coverage to full-time employees and the provision of minimum essential coverage during the reporting year.
To be in compliance with the ACA, and avoid any penalties, the health plans of applicable large employers (ALEs) must pass three tests.
While traditionally ALEs would be able to request an extension by submitting Form 8809 on or before the due date of the return for an automatic extension, the IRS has declared the reporting deadline extension will serve as an automatic extension for all employers and no one may request an additional extension beyond June 30, 2016.
The requirements of the Affordable Care Act (ACA) administered by the Internal Revenue Service seem to be always evolving. As changes come into play, employers and their HR staff must be diligent about staying informed and up-to-date. A lack of compliance is becoming increasingly costly for businesses.