Are You Preparing for your Affordable Care Act (ACA) Year-end Reporting?
This will be the first year many will be doing their Affordable Care Act (ACA) reporting. And there has been much confusion around the reporting requirements so new deadlines have been imposed.
The employer filing deadline was February 29 (for paper); the new date is March 31. The old deadline of March 31 (for eFile) has been extended until June 30. Previously, the employee needed to be furnished a statement by February 1 but that date is now March 31. However, the IRS is imposing stiff penalties for those who fail to report. The total penalty imposed for all failures during a calendar year after December 15, 2015 cannot exceed $3,000,000.
PeopleSoft Benefits is currently in the process of delivering functionality to support Form 1095-C (with the Form 1094-C transmittal) for Applicable Large Employers. PeopleSoft has delivered the proof-of-concept for the data extraction process. You can see and participate in the dialogue ongoing in the PeopleSoft Benefits Community regarding ACA functionality. PeopleSoft recently updated the position paper on the ACA functionality through 2018.
Your one stop to find the most up to date information is My Oracle Support-
PeopleSoft HCM Affordable Care Act (ACA) Information Center (Doc ID 2013421.2).
Did you see the PeopleSoft Advisor Webcast released on December 9, 2015? The webcast focused on the IRS 1095-C and 1095-C forms creation process and reviewed the steps needed to create the IRS form 1094-C and 1095-C, including how to load and merge any third party data, the steps to print and view the forms and an overview of the audit reports that are available to use.
You will be prompted to enter your Oracle user id and password to access the Information Center and Webcasts.
If you are not an Applicable Large Employer (ALE) but still are looking for information regarding reporting requirements you can find them directly on the IRS site. https://www.irs.gov/Affordable-Care-Act/Employers/Information-Reporting-by-Providers-of-Minimum-Essential-Coverage
In the meantime, please be sure to contact Larry Zagata if you have questions about any of the recent changes to PeopleSoft or ANY PeopleSoft questions.
