2016 is the first year employers are required to file an information return, called a 1095/1094, in adherence with the Affordable Care Act. Essentially, the forms track employee health care offered over the course of the year. The IRS uses them to determine whether employers have offered adequate insurance to eligible employees under the employer mandate. If not, they are subject to a penalty fee.
TempWorks stepped up to the plate and completed the new challenge just a couple of months after printing and mailing 700,000 W2s. By the March 31 deadline, our year-end processing team painstakingly spot-checked, printed, and sent out 221,015 1095 forms to our clients’ applicable employees.
With those two figures combined (700,000 W2s and 221,015 1095s), we can claim responsibility for processing nearly a million reporting forms this tax season. That’s quite the accomplishment for a company whose main focus is software!
As more and more of our client base falls under the mandate’s 50 full-time-equivalent (FTE) threshold, we imagine our impact will only increase.