ACA Reporting Preparation
By now, we're all well aware of the Affordable Care Act's effect on procedures within a company's Human Resources department. Most recently implemented were the two provisions tasked to Applicable Large Employers: Employer Shared Responsibility Employer Information Reporting.
These requirements were an immense undertaking that set the stage for what the annual reporting tasks will look like moving forward. To some, the thought of annual ACA reporting is already correlated to negative sentiments... but it doesn't have to be that way. There are resources, like benefitexpress, who have become experts on the required actions to be compliant with the IRS provisions and can offer ACA solutions on any scope.
A few things to consider when you are comparing ACA resources:
- Data-smart – It’s one thing to say your company has the required data. Storing data is easy compared to knowing how to use it. If you want to avoid spending countless hours calculating which codes to apply, then you must choose an ACA partner that has proven data manipulation skills that are also compliant with ACA regulations.
- Deadline-driven - Compliance is a very date-sensitive task. There is neither any wiggle room nor forgiveness for submitting late documentation to the IRS - which could incur penalties. Experienced partners anticipate deadlines and will be able to avoid these penalties.
- IRS-approved - Particularly when you submit ACA required forms electronically - the vendor must be an authorized Software Developer with the IRS.
Here’s how benefitexpress’ My ACA Manager accomplishes these feats:
- Performs the complex calculations of the Coverage Offer and Safe Harbor codes on employee 1095-C Forms based on client data already stored within our system.
- On the behalf of clients, mails 100% of government-required ACA Forms by the IRS required deadline.
- benefitexpress is an approved Software Developer for the ACA electronic XML submissions.
- benefitexpress also offers Employer Information Reporting solutions for companies where we are not currently administering benefits.
Do you need an easier route to ACA compliance? Download our ACA Compliance Solutions product sheet today!