What You Need to Know About ACA to Avoid IRS Penalties
Are you a small business that is growing and expanding at a great rate of speed? Have you been adding employees or have over 50 employees? Welcome to the world of the Affordable Care Act. All employers with 50 or more employees must comply with the ACA. So, what does that mean for you?
You must track and analyze employee data monthly, then produce a 1095-C tax form for every full-time employee, within 30 days of year end. This task can seem daunting, especially to smaller businesses that may only have one or two people in their Human Resources and/or Payroll Departments. However, you cannot just ignore this, because if you don’t comply there is at least $500.00 penalty per employee.
The strict regulations can seem overwhelming and complicated. So, where can you turn to get help with this new hurdle that you must jump over to avoid being on the IRS radar?
Integrity Data has developed an Affordable Care Act software solution that accepts data from your existing payroll system. It identifies penalty risks throughout the year and uses the data you already have to generate the forms. Remember, the forms must be filed at the end of the year for your employees and reported to the IRS. Our ACA solution automatically sends and e-files the data. Integrity Data’s solution also automatically updates when regulations change. Changes can seem like they happen every day when you discuss the ACA and the IRS; that can be avoided.
No matter how patriotic you may be it is unlikely that you want to pay extra fees and penalties to the IRS! Let Integrity Data’s ACA solution take the worry and hassle out of the ACA compliance for you. Then you can concentrate on what really matters, growing and developing your business. No need to worry about government regulations.