Reporting Deadlines for the Affordable Care Act Looming

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It’s the most hectic time of the year, and this year the new ACA filing requirements aren’t making it any easier on those in human resources. The year is coming to a close and the deadlines for the Affordable Care Act are looming in the not too distant future.

February 1 is the postmark deadline to mail out a 1095-C form to each of your employees. Those forms then need to be filed with the IRS by February 29. The 1094-C form is also due to the IRS that date. Employers with over 250 FTE’s must file electronically and have an extended due date of March 31.

Microsoft Dynamics GP users, on version 2013 or higher, own the human resources module, which will capture enough information to print the 1095-C. However, GP does not have the ability to tell you who you should offer coverage to or if your coverage is adequate or meetings safe harbor guidelines.

The Health Insurance Setup Window is where you have the ability to track what coverage you offered each individual employee. The Offer of Coverage Code (line 14) and Safe Harbor Code (line 16) fields were the two fields recently added to GP to help with tracking and reporting.

Affordable Care Act Reporting in Microsoft Dynamics GP

The year-end update for Dynamics GP has just released and should be installed in order to access the new updates, which include a checkbox for the lowest cost plan and bi-monthly accrual information.

Outside of the minimal features that Microsoft Dynamics GP offers for Affordable Care Act reporting, we suggest two different add-on products from Greenshades and Integrity Data. We’re happy to assist with taking a deeper look at these products and their functionality. Just look soon because time is running out. Email us for more information.

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