This is the final part of AUI’s series on IRS Section 6055 & 6056 Reporting. Our free webinar on reporting took place on Tuesday, June 2 at 10:00 a.m.
The Affordable Care Act created new reporting requirements in the Internal Revenue Code Section 6055 and 6056. As a result, employers must track and report on benefits for their employees. So what is a business owner or HR manager to do?
1. Determine your organization’s reporting requirements
First you need to determine if you are required to report under Section 6055 or 6056. AUI breaks down this information in our blog here. Remember that if your organization has less than fifty full-time or full-time equivalent employees and are fully insured the carrier will be handling all of the reporting for you. If you have determined that your organization will be required to do reporting on your own there are additional steps you can take.
2. Determine how your organization is going to track information
Keeping track of the necessary reporting information can be daunting. Fortunately, AUI provides a reporting tool to its clients to help them keep track of the information needed to complete all of the required IRS forms for both Section 6055 and 6056. If you would like more information about how you can receive this reporting tool, please contact us.
Another way to keep track of the information is to use a benefits administration system or a third party to handle your reporting. If you utilize a payroll company they may have already added this service to their portfolio. AUI works with several payroll partners and would be happy to help you. If you administer your own payroll or are looking for a way to streamline your HR processes, AUI can help you find a benefit administration system that can work for your company. Please contact us.
If you have additional questions about reporting, you can access our blog series from the beginning here . We also encourage you to reach out to your accountant.