www.eFileMyForms.com Makes ACA Reporting & Electronic 1095 Filing Easy!
Los Angeles, California (PRWEB) May 03, 2016 -- http://www.eFileMyForms.com, the leader in healthcare ACA reporting and 1095 filing, is among the few vendors to successfully eFile 1095 records electronically with the IRS ACA Information Returns (AIR) System. At the onset of the 1095 requirement, many companies rushed into the 1095 reporting arena only to be rebuked by an electronic filing process that has proven more demanding than ever anticipated. Of the hundreds of companies that attempted to create 1095 eFile products/services, only a handful now remain.
eFileMyForms is a step ahead of the competition and provides a streamlined filing process that is broken into three user-friendly steps of: importing 1095 data, completing the 1094 transmittal, and placing the order. The service also provides an Excel template that users can place their data in and auto-populate thousands of 1095-B or 1095-C records instantaneously. More importantly, eFileMyForms validates incoming records for common IRS errors & warnings – thus preventing clients from potentially having submissions rejected by the AIR System. Not every ACA reporting service is as advanced as eFileMyForms though.
In order to become an IRS authorized 1095 vendor, companies must complete an arduous multi-tier process of applying for a unique Test Transmitter Control Code (TCC), completing eight different AATS IRS test scenarios, receiving a Production Transmitter Control Code (TCC), creating a successful 1095 XML submission, and providing the capability for receiving IRS feedback for errors & warnings. The few companies that have reached this point still fall short of eFileMyForms in that they are not properly equipped to receive IRS feedback or eFile 1095 corrections.
“IRS feedback is an essential part of the filing process,” says Michael Stewart, Director of Compliance at eFileMyForms. “The 1095 filing process is far more advanced than its 1099 & W-2 predecessors. The AIR System provides an eFile transmission ID as well as an individual record Receipt ID that are used to pinpoint errors and aid in 1095 corrections filing. It is imperative that any company have a user-interface established for receiving IRS feedback and filing 1095 corrections.”
Surprisingly, research indicates that the opposite is true and that most companies provide no information whatsoever about their ability to eFile 1095 corrections with the IRS. The increasing lack of transparency ultimately indicates that the majority of companies are struggling with the basic 1095 reporting process and have not given adequate thought to corrections. This should be concerning, especially in the wake of recent information return penalty increases that have been voted into law by the Obama Administration.
“Per statement penalties have nearly doubled - across the board,” says Michael Stewart.
This statement proves to be accurate as penalties for TIN/Name mismatches have risen to $250, from just $100, per record. Moreover, Internal Revenue Code, Sections 6721 & 6722, have been recently updated to include 1095 returns - while also increasing per record and per company maximum penalties.
The takeaway? Be careful in who you choose to report your 1095 returns. Ask the proper questions such as “Has the vendor received a production Transmitter Control Code (TCC)?”, “Does the vendor validate incoming data for common IRS errors and warnings?”, and “Is the vendor equipped to receive IRS feedback and eFile 1095 corrections?”.
ABOUT https://www.efilemyforms.com/
eFileMyForms.com provides SSAE 16 SOC I Type II audited security of print, mail, and efile services for 1094, 1095, 1099, W-2, and 1042-S tax forms. eFileMyForms.com's decades of filing experience provides customers with services, features, and support found nowhere else. eFileMyForms is wholly owned by 1099 Pro, Inc.
Support, 1099 Pro, Inc., https://www.efilemyforms.com/, +1 (866) 598-1217, [email protected]
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