As with other governmental mandates, the Affordable Care Act (ACA) presents challenging reporting obligations to eligible businesses. Applicable large employers must capture certain information about employees and health insurance on a monthly basis, all year long. There are calculations and decisions that need to be made every month and all of this information must then be shared with the IRS on their year-end forms. Nearly every aspect of compliance with ACA can be time-consuming and confusing to businesses. However, you aren’t left to your own devices. Remain ACA compliant, efficiently and affordably, with a comprehensive ACA Compliance Solution.
Streamline ACA Tracking and Reporting With an ACA Compliance Solution
Applicable large employers have two levels of compliance to meet under ACA rules:
- The first is the Coverage Mandate: employers must offer health insurance of a certain quality to full-time employees at the right time. This requires year-round tracking of employee eligibility and health insurance affordability. Employers must capture and keep records for each employee’s “hours of service” including holiday and vacation time, jury duty, and all hours an employee is available to the employer. All service hours must be calculated and recorded, which presents a challenge for employers without the means to capture hours not included on a time clock. After identifying full-time employees, those eligible for coverage, you must also test that the offered health insurance meets ACA affordability standards.
- The second is compliance with IRS Reporting Requirements: Showing that the right offer was made to the right employee, at the right time. Employers do this at year-end by completing IRS Form 1095-C for each eligible employee, which includes month-by-month detail. These forms are sent to the employees and then to the IRS, rolled up in transmittal form 1094-C.
It is probably very clear that capturing, calculating and monitoring this information by hand would be futile, not to mention highly unproductive for your accounting and payroll departments. Integrity Data’s ACA Compliance Solution works with any standalone payroll or ERP system to streamline the entire ACA process. A central dashboard offers a simple way to monitor key data and alerts automatically notify managers of conditions that require action. To learn more about maintaining compliance with this complicated legislation, you can attend a webinar or contact Integrity Data for additional guidance and support. We’re here to make sure you don’t get buried in ACA paperwork.
By Integrity Data, Solution Provider for ACA Compliance