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V O L . X X I N O. X V I I I H E A LT H Y B U S I N E S S 28 H OW TO E mployers will be busy this fall preparing for new reporting requirements that are obligated by the Aff ordable Care Act. As you are likely aware, Applicable Large Employers, or ALEs, are required to off er health insur- ance coverage to full-time employees or may be mandated to pay a penalty. An ALE is an employer with an average of 50 or more full-time equivalent employ- ees. e new reporting requirements will help the Internal Revenue Service determine which employers will have to pay a penalty. ALEs will be required to complete IRS Forms 1094-C and 1095-C for the 2015 calendar year and send these com- pleted forms to employees and the IRS in early 2016. Form 1094-C is referred to as the Transmittal Form and will be submitted to the IRS as the cover sheet to the 1095-C forms. Part I of 1094-C requires general information about the employer, such as address and employer identifi cation number and how many 1095-C forms are being sent to employ- ees. Part II requires information such as the number of full-time employees and total employees by month. Keep in mind that "full-time" is defi ned by the Aff ordable Care Act as an employee who works an average of 30 hours per week or 130 hours per month. Also, employers with multiple tax ID numbers are encouraged to review the IRS instructions for further details. Form 1095-C will need to be com- pleted for each full-time employee. Employers will complete Part I with information such as the employee's name and address. Part II requires information about the type of cov- erage available to the employee (if off ered), the cost of coverage to the employee for the lowest-cost plan for employee-only coverage, and whether the employee is enrolled in coverage. is information is to be completed on a month-by-month basis. is can present some fairly detailed record- keeping by employers. Reporting requirements are similar for employers with fully insured health plans and employers with self-insured plans. Employers with fully insured plans will complete Parts I and II of form 1095-C. Self-insured employers will complete Parts I, II and III. Part III requires self-funded employers to provide detailed information about the dependents and spouses who are also covered under the plan. In addition, self- funded employers will complete Form 1095-C for any other employees, such as part-time employees, who are covered under the self-funded plan. It is important for employers to keep in mind that they will be report- ing on information for calendar year 2015 even if their health insurance plan runs on a non-calendar year basis. Many of our clients are evaluating their payroll and HR systems to deter- mine their ability to meet the reporting requirements. Payroll vendors may be able to off er tools and programs to sup- port their clients with this requirement. ere are specialized vendors off er- ing programs as well. Employers are encouraged to evaluate their capabilities and the level of support needed. Form 1095-C must be mailed to employees by Jan. 31, 2016. Form 1094-C along with the completed 1095-Cs must be submitted to the IRS by Feb. 28, 2016, or, if submit- ted electronically, by March 31, 2016. Employers with more than 250 1095- Cs must submit these documents to the IRS electronically. e IRS released the 2014 fi nal version of the forms. Reporting was optional for the 2014 calendar year. e IRS has released draft versions of the 2015 forms; however, the IRS has indicated that employers may use the 2014 forms for planning purposes. E l l e n M c P H e r S o n i s t h e c o m p l i a n c e m a n a g e r a t Employee Benef its Solutions, a division of The Holden Agency, in Portland. She can be reached at emcPHerSon @ HoldenaGencY.com Meet the ACA's new employer reporting requirements B Y E L L E N M C P H E R S O N Nominate your candidate for the thirteenth annual Mainebiz Next List To make a Donation to the Next List Alumni Scholarship Fund through the Maine Community Foundation, visit mainecf.org and click on mainecf.org and click on mainecf.org Make a gift. Do you know someone who is: A true entrepreneur? A forward-thinking leader? A positive motivator for change? A problem-solver who takes a fresh approach? FOLLOW US @MBEVENTS #MBNextList15 PRESEN T ING SP ONSOR Nominations close on August 24 Visit mainebiz.biz/next for the nomination form. Mainebiz needs your help to recognize Maine's dynamic individuals who are trailblazers in their industry. To identify these business mavericks, we're opening the nomination process up to you! You tell us, who's Next? Spectrum Medical Group is growing. We invite you to get to know us. 800.803.7538 324 Gannett Drive, Suite 200 South Portland, ME 04106 spectrummedicalgroup.com Look to us for a strong network of specialist practices. All remain independent and patient- centered, while gaining support and expertise from our network as a whole. Our specialties include orthopaedics, radiology, anesthesiology, pathology, radiation oncology, vascular and interventional services, medical rehabilitation, and pain management. Caring for our communities. Providing high-quality services through collaboration. The best of both worlds: independent practices, interactive specialties SPECTRUM MEDICAL GROUP Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are Many of our clients are evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll evaluating their payroll and HR systems to determine their ability to meet the [Affordable Care Act] reporting requirements.

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