ROCK HILL, SC / ACCESSWIRE / February 13, 2024 / As tax season continues, there are more critical IRS deadlines on the horizon. Businesses and service providers that are responsible for completing Affordable Care Act reporting with the IRS have some major deadlines coming up in just a few weeks.
TaxBandits, a leading e-file provider of payroll and employment forms offers a simple, secure, and accurate option for employers and service providers to complete, distribute, and e-file ACA 1095-B/C Forms with the IRS and required states.
A Brief Overview of Affordable Care Act Requirements
Under the Affordable Care Act (ACA) employers with 50 or more full-time and full-time equivalent employees are required to offer health insurance coverage that meets the Minimum Essential Coverage (MEC) requirements laid out by the IRS. Service providers must also provide coverage that meets this standard of quality and affordability. To ensure that these requirements are met employers and providers must comply with ACA reporting requirements by filing and distributing Form 1095-B and Form 1095-C.
Key Reporting Deadlines for ACA Forms 1095-B/C
The IRS deadlines for ACA reporting requirements for the 2023 tax year are as follows:
- February 28, 2024 - IRS paper filing deadline
- March 1, 2024 - Recipient copy deadline
- April 1, 2024 - IRS e-file deadline
States that Require ACA Reporting
In addition to federal filing deadlines, there are several States that require ACA reporting with their agencies.
Streamlined E-filing of ACA Forms from TaxBandits
To simplify the complex ACA reporting requirements for businesses and tax professionals, TaxBandits provides a user-friendly e-filing process with time-saving features. This comprehensive solution supports the e-filing of ACA Forms with both the IRS and state agencies.
TaxBandits offers clients convenient features such as Bulk Upload templates, volume-based pricing, and built-in form audits using IRS Business Rules, ensuring accurate returns. Additionally, TaxBandits provides a State-filing Only option.
Clients can file Form 1095-B or 1095-C with TaxBandits and they can easily designate their authoritative transmittal (Form 1094-B / Form 1094-C) before transmitting the forms.
Effortless Recipient Copy Distribution Solutions
The deadline for distributing recipient copies of Form 1095s is approaching quickly, and TaxBandits offers simplified options for meeting this deadline on March 1, 2024.
Clients can select Postal Mailing services and the TaxBandits team handles the printing and mailing of all their recipient copies from a SOC 2 Certified print facility. USPS Validations are provided to ensure that all form copies are mailed to a verified address.
Their clients can also opt to go paperless by choosing Online Access services. Grant recipients access to view and download copies of their ACA Form 1095 copies online via the secure TaxBandits Portal.
When asked about the upcoming ACA deadlines, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises (parent company of TaxBandits) responded by stating, "TaxBandits is proud to provide an efficient e-filing and distribution process, empowering businesses, providers, and tax professionals to effortlessly meet their IRS deadlines, no matter the scale of forms involved. Our dedicated team is ready to support clients of every size and diverse needs throughout the year, ensuring a seamless and stress-free filing experience."
Businesses, tax professionals, and service providers can begin their 1095 compliance process today at TaxBandits.com.
Businesses in need of a full-service ACA Reporting Provider can reach out to the team at ACAwise, the sister company of TaxBandits. ACAwise offers a solution complete with ACA Code generation on 1095-C Forms, flexible data import options, and more.
About TaxBandits:
TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider specializing in 1099, W-2, 1095-C, 1095-B, Form 940, Form 941, and Fillable W-9. Serving businesses, service providers, and tax professionals, TaxBandits offers a comprehensive solution for year-end filings.
Software providers and other high-volume filers can take advantage of TaxBandits API. The integration allows them to add value for their clients and expand monetization efforts. TaxBandits API enables seamless preparation and e-filing of 1099, W-2, 941, 940, and ACA 1095 forms. Software providers can also use the developer-friendly 1099 API to request W-9s and automate 1099 filings efficiently.
About SPAN Enterprises:
Headquartered in Rock Hill, South Carolina, SPAN Enterprises has been developing industry-leading software tools for e-filing and business management for over a decade. The SPAN Enterprises portfolio includes Tax 990, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
For any media inquiries, please reach out to Stephanie Glanville, Content Writer at [email protected].
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SOURCE: TaxBandits