New guidelines for employer reporting released

The IRS released the long awaited employer reporting guidelines for Forms 1094 and 1095.

These forms must be completed and submitted to the IRS February 2016 for the plan year January 2015.

Employers need to be developing systems to be able to track the needed data to complete these reports asap.

Most payroll vendors will be unable to complete the reports because they are not tracking benefits eligibility data.

There are a few new Cloud resident single data base solutions that are able to track this data and actually complete the reports as long as the HRIS and benefits modules are elected.

We can refer you to several best in class resources for this if you are interested.

Details of the IRS requirements are available by clicking on the link below.

www.irs.gov/pub/irs-pdf/p5196.pdf

(Just highlight and click)

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