As part of our Employee Benefits services, Mountainside Insurance Management offers businesses assistance with reporting requirements for employer-sponsored health insurance programs under the Affordable Care Act (ACA). We can help businesses minimize risks, avoid penalties, and achieve 100% compliance.
We will go over all the requirements with you. It’s important to note that significant penalties apply for incorrect or incomplete information. Also, small employers with fewer than 50 full-time employees are exempt from most ACA reporting requirements, but not all, according to the IRS. Our staff can review this with you, as well.
Employers with 50 or more employees are required to report to the IRS the cost of healthcare coverage under an employer-sponsored plan on the employees’ W2 forms. Information must include: