Grab something to drink and take a seat, we’re going to talk about taxes. The new Affordable Care Act (ACA) requires a lot on your part, but we hope this article makes it easier on you.
Tax forms 1094 and 1095 are required to comply with ACA. This article will help you understand what you need to do in PDS Ledger/Payroll to satisfy IRS requirements.
Set Health Care Coverage Terms
First, determine which ACA form your parish needs to file.
- If you have fewer than 50 full-time employees, use Form 1095-B.
- If you have 50 or more full-time employees, use Form 1095-C.
If you’re filing Form 1095-C, you’ll enter the coverage terms you provided for the entire year or particular months. (You may have different terms per month if, for example, an employee started working mid-year.)
Once you have that, you can set your form option and add the coverage terms (if applicable) for a group of employees in PDS. Watch this video to find out how:
Add Covered Individuals
After that, it’s time to add all covered individuals in PDS.
On each employee record, you need to enter information about all individuals who have coverage under the employee’s policy. This includes the employee. Watch this video to find out how:
I Need Help with ACA
You should talk with your tax advisor if you’re unsure what form to use or what you need to file.
In the meantime, check out our Help Center article on the Affordable Care Act for full steps on the topics discussed in the videos above. And don’t forget, you can always call our PDS Support team at 1-877-737-4457.
Is That All?
We have a few features to help make all this ACA stuff easier on you. You can view a “proof list” of employee information to check that everything’s correct. You can also print these forms within PDS. Check out the Ledger/Payroll release notes for details on these enhancements.
Soon, you’ll be able to electronically file your ACA forms to the IRS.
Continue to watch our update on tax forms to catch the latest news. And feel free to use our Affordable Care Act Resource page as your one-stop shop for ACA help.