For calendar year 2015, all organizations with 50 or more full-time equivalent employees are required to report health care coverage information to the IRS on Forms 1094-C and 1095-C. Are you prepared to meet these new reporting requirements, or will you be faced with paying the penalties?
Beware of the easy answer! Your payroll vendor will likely commit to filing these forms on your behalf, but you must provide the required information.
Questions you must ask yourself to ensure you are prepared to report the information:
1. Who will prepare the required 1094-C and 1095-C forms?
2. How do we capture the required data to complete the forms accurately?
3. How much will this new reporting requirement cost my organization?
4. Will my failure to accurately report the required information trigger a DOL audit?
5. How much would non-compliance penalties cost my firm?
The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute's criteria to be pre-approved for recertification credit.
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North Florida Compensation and Benefit Association
PO Box 5802
3000 Spring Park Road
Jacksonville, FL 32207-9998