If the COVID-19 pandemic forced your company to take the difficult actions of furloughs or layoffs in 2020, that was challenging enough. Now you have the obligation to provide Affordable Care Act (ACA) reporting forms on many of those employees, and the coding on those forms is a challenge all unto its own. While the IRS was kind enough to extend its “good faith effort” standard to 2020 ACA reporting (meaning if you make a mistake in good faith, the IRS will take your effort into consideration), it’s important you do your best to get the coding right on employees’ Forms 1095-C, particularly in Part II.
There are a number of factors involved in coding the forms correctly:
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Not legal advice: Nothing in this alert should be construed as legal advice. Lockton may not be considered your legal counsel, and communications with Lockton's Compliance Services group are not privileged under the attorney-client privilege.
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