Only a few weeks into the New Year and the regulatory landscape is continuing to evolve at a rapid pace. From the IRS extending select Affordable Care Act reporting deadlines to a delay of the debated Cadillac Tax, 2016 is gearing up to be another active year for government regulations impacting business. Paychex, Inc., a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services, has identified the top regulatory issues businesses should be aware of in 2016.
“Business owners have been inundated with proposed regulations that will affect how they pay employees in 2016,” said Martin Mucci, Paychex president and CEO. “Paychex will continue to monitor these regulations—and others that emerge—to ensure employers understand how these issues impact their business.”
According to Paychex, the top regulatory issues are:
#1 Affordable Care Act
On December 28, 2015, the IRS extended the Affordable Care Act (ACA) reporting deadlines for the 2015 tax year to give businesses more time to meet the requirements. The deadline extension impacts certain forms mandated under the ACA, notably Forms 1094-C and 1095-C. The new deadlines are March 31, 2016, to deliver the 2015 Forms 1095-C to affected employees; May 31, 2016, to manually file the 2015 Forms 1094-C and 1095-C with the IRS—for employers who’re eligible for paper filing; and June 30, 2016, to electronically file the 2015 Forms 1094-C and 1095-C with the IRS. Applicable large employers (i.e., employers with 50 or more full-time employees, including full-time equivalents) who fail to file Forms 1094-C and 1095-C and/or provide 1095-C informational returns to employees may be subject to penalties for failure to file correct information returns and/or failure to furnish correct statements, similar to the penalties for not filing Forms W-2.
Paychex, Inc. (NASDAQ: PAYX) is a leading provider of integrated human capital management solutions for payroll, HR, retirement, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 40 years of industry expertise, Paychex serves approximately 590,000 payroll clients across 100 locations and pays one out of every 15 American private sector employees. Learn more about Paychex by visiting www.paychex.com, and stay connected on Twitter and LinkedIn.