ROCK HILL, SC / ACCESSWIRE / January 19, 2024 / While many businesses and tax professionals specializing in business tax filing are currently focused on completing and filing 1099 and W-2 Forms for the impending IRS deadline on January 31st, another significant reporting deadline is approaching. Massachusetts and California mandate that applicable employers and insurance providers complete and distribute State ACA Forms to their recipients by January 31st.
A Brief Overview of State ACA Reporting
Under the Affordable Care Act, there was once a federal mandate that required taxpayers and their dependents to have health insurance coverage. After this was eliminated a handful of states passed mandates at the state level, including Massachusetts and California.
Massachusetts State ACA Requirements – Form 1099-HC
Residents of the State of Massachusetts are required to obtain and maintain minimum essential health coverage. Insurance providers, employers with 50 or more full-time equivalent employees, and employers offering self-insured coverage plans are required to file Form 1099-HC, Individual Mandate Massachusetts Health Care Coverage. This is a crucial form that all Massachusetts residents need for their personal tax records.
The deadline for filing Form 1099-HC with the State of Massachusetts is January 31st. Massachusetts requires that this form be filed electronically. The deadline for distributing copies of 1099-HC to recipients is also January 31st.
California State ACA Requirements – Form 1095-B/1095-C
Residents of the State of California are required to obtain and maintain minimum essential health coverage. Insurance providers, employers with 50 or more full-time equivalent employees, and employers offering self-insured coverage plans are required to file ACA Form 1095-B or Form 1095-C.
The deadline for distributing recipient copies of Forms Forms 1095-B/1095-C is January 31, 2024. The deadline for e-filing 1095 forms with the California Franchise Tax Board is April 1, 2024.
Streamlined Federal and State ACA Filing from TaxBandits
Completing ACA Forms can be a daunting task considering that they are lengthy and complex forms. Employers, tax professionals, and insurance providers can complete and file their ACA Forms with the IRS and state with TaxBandits.
TaxBandits provides a comprehensive e-filing solution that supports filing both ACA Forms 1095-B/1095-C and MA 1099-HC, allowing their clients to manage ACA reporting from one secure application. TaxBandits helps their clients streamline the filing process with the following features and more:
- A built-in audit that checks forms using the IRS and State Business Rules
- Bulk Upload templates for Forms 1095-B/C and 1099-HC enable clients to upload their form information all at once, eliminating manual data entry.
- Easily designate Form 1094-C as the authoritative transmittal.
- State-only ACA filing options.
- State corrections available for
- Volume-based pricing and Prepaid Credits minimize costs and maximize savings.
TaxBandits’ Recipient Copy Distribution Services
Filing is mandatory for ACA Forms, but distributing copies, whether they are federal or state forms, is also a requirement. TaxBandits simplifies the process of distributing form copies with affordable and efficient distribution services.
- Clients can opt-in to Postal Mailing for TaxBandits to print and mail all of their copies, using USPS validations to ensure the provided address is valid.
- Clients can also take advantage of a secure Online Access option, granting their recipients the option to view and download their form copies via an online portal.
Businesses, tax professionals, and service providers can create a free account at TaxBandits.com to begin the 1095-B & 1095-C filing and distribution process. TaxBandits offers e-file solutions for meeting all of the deadlines on January 31st, including 1099, W-2, and 94x Forms.
ACAwise – A Full-Service ACA Reporting Provider
Clients who are looking for a full-service ACA reporting provider can reach out to the team at ACAwise, a sister product of TaxBandits.Their expert team manages every facet of ACA Form 1095 filing, ensuring accuracy by generating forms with the necessary codes and validations at each stage. They handle the entire process, from e-filing with the IRS and State to distributing copies on behalf of clients.
When asked about the upcoming ACA-related deadlines, Agie Sundaram, the CEO and Co-founder of SPAN Enterprises (parent company of TaxBandits) responded with enthusiasm, stating, "TaxBandits streamlines the complex task of ACA Forms filing for businesses and tax professionals. Our comprehensive e-filing solution supports both ACA Forms 1095-B/1095-C and 1099-HC, providing a secure and efficient process. We encourage any business that is seeking a full-service option to reach out to our sister product, ACAwise ."
About TaxBandits
The 1099 and W-2 experts! TaxBandits is a SOC 2 Certified, IRS-authorized e-file provider of Forms 1099, Form W-2, 1095, 940, 941, and W-9, serving businesses, service providers, and tax professionals of every shape and size.
About SPAN Enterprises
Headquartered in Rock Hill, South Carolina, SPAN has been developing industry-leading software tools for e-filing and business management tools for over a decade.
The SPAN Enterprises Portfolio of products includes TaxBandits, ACAwise, ExpressExtension, 123PayStubs, and TruckLogics.
Please direct all media inquiries to Stephanie Glanville, Marketing Manager, at stephanie@spanenterprises.com.
SOURCE: TaxBandits
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