But you did it—Your health plan participants are in possession of the forms. (They might not know what to do with them, but you are in compliance.)
The process might have felt a little futile. After all, the employees were not required to submit the forms with their taxes this year. You might even have wondered if the IRS was really going to hold you accountable to the March 31 deadline anyway.
[Related: Sex Discrimination Rules in ACA]
Your work was not in vain. Give yourself a pat on the back—With the first round of 1095 forms complete, you are:
- Experienced. Whether you outsourced the process or tackled it yourself, you made the deadline and can feel confident you will be able to do it all over again next year.
- Accomplished. ACA looked like an unclimbable mountain three years ago. You’ve made it past a major checkpoint.
- Prepared. You’re organized and you have complete records. Filing with the IRS next should be a smoother process.
Sending the forms out doesn’t necessarily mean your headaches are over. Here’s some help if the 1095s come back to bite you:
Take a little time to reflect on a job well done. Then dive right back in—the job of ACA reporting is never done.