Greatland offers year-end Affordable Care Act reporting for businesses

GRAND RAPIDS, Mich., May 6, 2015 /PRNewswire/ -- Greatland, one of the country's leading providers of W-2 and 1099 products for business, announced today that it is developing comprehensive Affordable Care Act (ACA) reporting capabilities with tools to assist businesses with the law's mandatory requirements.

Greatland has many options to help businesses complete ACA reporting. Whether companies are looking for paper forms or e-file solutions, these tools will help guide them through the filing process. Greatland is able to assist businesses and insurance companies file Form 1095-B and Form 1095-C along with required 1094 transmittal forms, required for ACA reporting to the IRS and will provide copies to employees, with three filing options: paper forms, online filing or desktop software.

"Understanding all of the reporting rules associated with the Affordable Care Act can be confusing, and we expect many businesses to have questions this year," said Greatland CEO Bob Nault. "Greatland has full-time experts dedicated to providing ACA reporting information and the necessary forms to businesses so they can remain in compliance with the new reporting requirements."

Greatland's ACA reporting capabilities will be offered through its Yearli Desktop and Performance software. These platforms provide useful tools and a support staff that will help businesses understand the required forms and ACA reporting guidelines. Through Greatland, employers can:

• Purchase forms to comply with ACA reporting requirements
• Use Greatland to e-file 1095-B and C along with related transmittal forms to IRS and print and mail copies to employees
• Use Greatland's system to enter, store and track ACA-required data
• Stay on track with Greatland's unique employer reporting checklist
• Use the comprehensive "Do I Have To File?" decision tree
• Keep track of important ACA facts and figures

What is ACA Reporting?
Affordable Care Act reporting is the action of filing required information to the Internal Revenue Service (IRS) and sending copies to recipients/employees. The Affordable Care Act requires employers to file annual information returns with the IRS and furnish statements to employees on healthcare plan coverage information beginning in 2016 (for reporting on calendar year 2015). Incorrect filings for calendar year 2015 (reported in 2016) will not be penalized if employers/insurers file on time and make a good faith effort to comply.

Who Needs to File?
For calendar year 2015, employers with 50 or more full-time employees (including full-time equivalent employees) and all self-insured employers regardless of size must report healthcare coverage information to employees and the IRS.

Full-time employees are those who worked an average of 30 hours or more per week for more than 120 days in a year. Using this guideline, you may have less than 50 full-time employees, but meet the requirements for ACA reporting. Healthcare.gov offers assistance, including a Full-time Equivalent Employee Calculator, to help determine filing needs.

Requirements
If you are an insurance company or business that is required to report healthcare coverage, you will need to file one of two form types to the federal government. Both paper and e-file are acceptable filing methods, with the e-file threshold being 250 forms.

• 1095-B – The Internal Revenue Code (IRC) Section 6055 outlines the requirements for 1095-B reporting. Form 1095-B must be issued by the insurance company (or self-insured employer) to the individual and the IRS as proof of coverage. Form 1094-B is the related transmittal sent to the IRS.
• 1095-C – IRC Section 6056 defines the reporting requirements for large employers (50 or more full-time employees including full-time equivalent employees) to provide their employees with documentation outlining any applicable offer of health coverage. Form 1095-C is a statement issued by employers with 50 or more full time employees (including FTEs) to employees and the IRS. Form 1094-C is the related transmittal sent to the IRS.

Forms 1095-B and C will require some or all of the following data: employer ID numbers (EIN), taxpayer identification numbers (TIN) of employees/recipients and their dependents, addresses, and months of coverage. There are no state reporting requirements associated with the 1095-B or 1095-C.

When to File
The federal filing deadlines for Affordable Care Act reporting are consistent with W-2 & 1099 reporting. Form 1095-B or Form 1095-C, as applicable, must be provided to recipients/employees by January 31, similar to W-2s. This means that statements for 2015 must be provided no later than February 1, 2016 (because January 31, 2016 is a Sunday).

Below are the key dates, which are also included as reminders in Greatland's calendar widget found on the ACA website:

* Due dates represent 2015 calendar year reporting

To learn more about Greatland's ACA reporting services and tools, visit: aca.greatland.com.

About Greatland
Greatland (www.greatland.com) is the W-2 and 1099 specialist, focused on providing guidance, products, and solutions for small to mid-size businesses and accountants.  Through Greatland's subsidiaries – Greatland, Nelco, and Broker Forms – the company offers an extensive array of specialized products for businesses: W-2 forms, 1099 forms, W-2 and 1099 software, online filing, business checks, presentation materials, income tax preparation supplies, and mortgage forms.  Greatland also offers Yearli, a comprehensive W-2 and 1099 reporting software and online filing platform. Greatland is an employee-owned company with locations in Grand Rapids, Mich. and Green Bay, Wis.  Greatland has an extensive W-2 & 1099 fact center located on its website with answers to many of the top filing questions.  Follow us on Facebook or Twitter: @GreatlandCorp

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SOURCE Greatland