Overview: Employers must remain compliant with the various federal and state laws and regulations that impose reporting requirements. While many of these requirements vary depending on an employer's industry or its contractual relationships, most employers must comply with equal employment opportunity (EEO) reporting requirements. In addition, the Occupational Safety and Health Administration (OSHA) requires a number of reports depending on the employer's particular circumstances. Regarding environmental protections, employers in certain states may have additional requirements than those imposed by the federal Environmental Protection Agency (EPA). Employers in the pharmaceutical industry have different reporting requirements than those in the transportation sector. However, reporting of new hires, retirement benefits and health and welfare plans are subject to strict regulatory rules across industries.
Although some employers may view such requirements as costly and onerous, proper recordkeeping practices and sound internal audit procedures will lessen the possibility of future fines and penalties.
Trends: Due to several high-profile corporate frauds, reporting requirements in the financial sector have increased in the past decade. Various stakeholders continue to track the rising costs of additional reporting requirements under the Sarbanes-Oxley Act of 2002 (SOX) and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank).
Author: Marta Moakley, JD, Legal Editor
The IRS has launched a helpful new resource on its website chock full of information for employers that qualify as applicable large employers (ALEs) under the Affordable Care Act - ACA Information Center for Applicable Large Employers (ALEs).
The IRS has released the final 2015 versions of Forms 1094-B, 1095-B, 1094-C and 1095-C, and instructions that an employer may use for fulfilling Affordable Care Act annual information-reporting requirements.
This How To will help an applicable large employer correctly file and furnish IRS Form 1094-C and Form 1095-C for Section 6055 and Section 6056 purposes under the Affordable Care Act.
This How To will help a self-insured employer correctly file and furnish IRS Form 1094-B and Form 1095-B for Section 6055 purposes under the Affordable Care Act.
An employer may apply for an extension of time for filing IRS information returns.
A new Task and two new How Tos have been added to help an employer complete and file Forms 1094-B, 1095-B, 1094-C and 1095-C for Affordable Care Act information-reporting purposes.
The IRS has issued draft 2015 Instructions for Forms 1094-C and 1095-C, which employers are required to complete and file with the IRS to report on the terms and conditions of the health care coverage offered to their employees, as required by the Affordable Care Act (ACA) and Internal Revenue Code (IRC) § 6055 and § 6056. Draft Instructions for Forms 1094-B and 1095-B have also been issued; these forms are used to report information to the IRS on each individual to whom minimum essential coverage was provided.
Applicable large employers subject to the Affordable Care Act's employer shared responsibility mandate must report the terms and conditions of health care coverage offered to full-time employees on Form 1094-C and Form 1095-C.
HR guidance on reporting requirements.