Tronconi Segarra & Associates’ Affordable Care Act Compliance Team is once again ready and able to assist with the reporting associated with the Employer Mandate of the ACA. If you employed 50 or more full-time employees in the prior year (including full-time equivalents) your organization is subject to the ACA reporting requirements and required to comply with the 1094/1095 reporting, whether fully insured or self-insured.
Employers subject to the mandate must furnish Form 1095 to their full-time employees no later than March 3, 2025. These employers are also required to file the applicable forms with the IRS no later than February 28, 2025 (if prepared & filed manually) or by March 31, 2025 (for electronic filers). The IRS drastically reduced the threshold for e-filing last year. All employers that file a combined total of 10 or more information returns, including Forms 1094-C and 1095-C, must file the forms electronically.
The affordability rate for plan years beginning in 2025 is 9.02 percent (an increase from 8.39 percent for plan years beginning in 2024). Employers must offer affordable coverage using one of three safe harbor methods: the W-2 safe-harbor method, the Rate of Pay safe-harbor method, or the Federal Poverty Line safe-harbor method.
The ACA Team at Tronconi Segarra & Associates is ready to electronically handle your 2024 IRS and state reporting needs as well as perform affordability testing. Contact Lisa Mrkall, CPA/PFS, MBA, Partner, Tronconi Segarra & Associates LLP, at 716.633.1373 or lmrkall@tsacpa.com.
