Affordable Care Act Information Reporting | Payroll get ready!

ACA health insurance reporting 8-6-2014_Page_1

Under the Affordable Care Act (ACA) and starting next year (for filing in 2016), large employers are required to provide information statements to employees and information returns to the IRS that contain details about employees’ health coverage benefits.

This new information reporting effort is substantial in scope and requires a coordinated effort between payroll departments, benefits enrollment and insurance plan administrators. On the other hand, the reporting infrastructure necessary to produce employee statements and IRS returns is similar to the annual filing of federal Forms W-2. Consequently, while payroll departments will be dependent on data from other internal and external systems to meet the reporting requirements, they will likely be integral in the compliance effort.

In this publication we explain the returns that will be required and the data they will contain.

http://www.ey.com/Publication/vwLUAssets/EY-affordable-care-act-health-insurance-information-reporting-are-you-ready/$FILE/EY-affordable-care-act-health-insurance-information-reporting-are-you-ready.pdf

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