The intent has been made clear that President Trump intends to repeal and replace the Affordable Care Act (ACA). The Executive Order signed in late January indicates that changes are coming, although it’s still unclear what those changes will mean for business in the future. What is clear is that ACA has not been repealed yet and with reporting deadlines quickly approaching, businesses must still show compliance, even if after the deadline. Making a good faith effort is better than no effort at all.
Watch this short video titled “Are ACA forms still required for 2016 reporting? Executive Order Video,” and we will clear up common misconceptions surrounding the ACA under the Trump Administration right now.
There are plenty of headlines suggesting that the ACA is on its way out and the Executive Order signed by newly elected President Trump seemed to seal the fate of this legislation. However, the Executive Order only created more confusion and speculation about the future of the ACA. Developments since then have not helped mitigate confusion. It’s a confusing process for many employers who are certainly wondering whether or not it’s worth taking the time to capture necessary data and prepare the required forms for upcoming deadlines.
As suggested by Patrick Doolin, CEO of Integrity Data, the Executive Order did not repeal or replace the ACA or lead to any other changes. This means that the ACA legislation is fully intact and employers must continue to follow the applicable requirements or be at risk for incurring costly penalties for non-compliance. This strategy is a very important point for employers to consider because the costs for non-compliance can greatly outweigh the minimal amount of time and cost it takes to complete the forms and deliver them to employees and the IRS.
Employers Must Remain ACA Compliant, For Now
The ACA Compliance solution, by Integrity Data, is already used by over a thousand companies. With quick on-boarding tools and other time-saving automations, this solution provides employers with an easy way to capture the necessary data, calculate eligibility and affordability, and populate required forms for employees and the IRS. Deploying a simple, yet powerful add-on solution to your enterprise resource planning (ERP) will streamline ACA compliance activities, saving valuable time and money as you continue to comply with this legislation as it remains in place today. Watch our video and contact integrity Data for guidance with the ACA Compliance solution and updates as we follow changes in the law and related IRS regulations.
By Integrity Data, ACA Compliance Solution Provider out of Illinois