Ready or not, year end is coming, and so are new reporting requirements concerning health care coverage to ensure compliance with the Affordable Care Act (ACA). Companies may be required to file two additional forms after the 2015 tax year.
The new tax forms 1094/1095-B and 1094/1095-C will be added to the Aatrix forms library later this year.
2014 Year-End software updates for both Sage 300 Construction Real Estate and Sage 100 Contractor added new fields and functionality, providing customers with the ability to store the information needed to complete these new tax forms. There are actions that can be taken now to ensure that everything is in place when it comes time to produce these forms for the 2015 tax year.
Are you ready?
- Have you entered health care coverage information for each employee?
- Are ACA hours being recorded for each employee?
- Do you know what your full-time and full-time employee equivalent counts are?
If not, make sure you are prepared for these new reporting requirements. There are multiple resources available to help you.
Resources available:
Sage City (http://sagecity.na.sage.com) – Go to Support and select Sage CRE. Under Product Resources, select ACA resources.
Technical Support Knowledgebase – search for articles 52204 (S300CRE) and 52231 (S100C)
- Overview on the ACA Reporting Requirements 1: IRS Reporting for Employers
- Overview on the ACA Reporting Requirements 2: What is reported on Form 1094-C and 1095-C
- How to Enter ACA information in Sage 100 Contractor
- How to Enter ACA information in Sage 300 Construction and Real Estate Payroll
- Sage 300 CRE Year-End Procedures and Government Forms Guide*
- Sage 100 Contractor Chapter 5 of the Year-End Guide*
Product Help - Search for “Affordable Care Act” topics in the Help system for your product.
*2015 Year-End Guides will be available with year-end software updates.