How to Avoid ACA Penalties and Stay OFF the IRS Radar
Updated September 15, 2020
Navigating the Affordable Care Act (ACA) can be complicated and confusing for many companies, not to mention distracting. On top of that, there are severe penalties for noncompliance. Your business leaders and accounting team need to stay focused on core business tasks, not wasting time trying to figure out how to stay ACA compliant.
ACA regulations have many businesses concerned and for good reason. As discussed in this short video, “What Your Company Needs to Know About the Affordable Care Act to Avoid IRS Penalties,” companies with 50 or more full-time employees must track and analyze employee data on a monthly basis. Within 30 days at the end of the year, employers must complete an IRS Form 1095-C for each full-time employee or risk at least a minimum $550 fine per employee. There are other penalties that can be incurred throughout the year for other ACA mistakes. Facing expensive penalties, many businesses are struggling to budget the time and resources to manage ACA compliance issues.
So, how can busy employers avoid ACA penalties without spending a lot of extra time and money?
By deploying a software solution designed to streamline ACA compliance efforts and reduce risk.
Gain Control Over ACA With ACA Compliance Solution
Stay off the IRS radar and reduce the risk of penalties for non-compliance by deploying an ACA Compliance Solution.
What are the advantages for your business?
This solution works with any standalone payroll solution or ERP system and can be implemented in less than one day with a unique set-up wizard.
A central dashboard provides leaders with quick access to key data, and alerts automatically notify managers when action needs to be taken or issues addressed.
Proactively identify any penalty risks from your payroll data.
Automatically generate accurate year-end IRS forms which can then be mailed or emailed to employees and electronically filed with the IRS as necessary.
Deployed using cloud-services, which reduces the IT burden on your staff. The software is updated behind the scenes as regulations or requirements change.
You are backed by a team of experts ready to provide additional guidance and support as you navigate the ACA process.
Don’t fret over ACA deadlines, forms and other compliance requirements. Let ACA Compliance Solution do the heavy work so you can stay focused on core business operations. Contact Integrity Data for more information about using their ACA Compliance Solution to gain control over ACA challenges and avoid expensive penalties.