ACA Reporting season is upon us, and many business owners are still struggling to understand their reporting responsibilities, and make the reporting process efficient and low-cost. Unfortunately, many find out too late that they don’t have the right plan or information to correctly file ACA reports with the IRS.
If you don’t know where to start…
Wouldn’t know a TIN if it walked right up and pinched you? When are ACA reports due? How do you store ACA reporting data? If you’re a small business owner who didn’t sign up for all of this red tape, an HR audit may be in order. An HR professional can review your business for potential compliance problems and risk exposures, and evaluate the best way for you to go forward with your ACA reporting in 2017.
Small businesses are still required to provide and report on their ACA plans being provided to employees, but many lack qualified staff or the time to take care of the necessary record keeping. This is why we started HR Complete – it’s a way for small business owners to have instant access to an HR expert, without the overhead of an HR department.
For a larger employer, specifically Applicable Large Employers, the ACA reporting requirements go up a few steps in complexity. This threshold is met when an employer has 50 full-time or full-time-equivalent staff.
These employers are why we built ACA reporting into CorpStrat HR & CorpStrat Payroll.
If most of your employees are full-time and don’t have variable hours, CorpStrat Payroll has you covered. With CorpStrat Payroll, we’ve simplified the employee ACA status process – quickly and easily update and check that all employees have the correct coverage status for your reporting. As well, CorpStrat Payroll helps businesses with reporting to run affordability tests, manage Applicable Large Employer status, and performing 1095 auditing.
If you have a large staff with variable hours, you need a more complex solution. With CorpStrat HR, you can easily discover which employees are eligible or no longer eligible for health benefits, calculate the correct number of full-time equivalent employees, and analyze the coverage of their employee benefits plans to avoid “Pay or Play” fees from the IRS.
As a fully integrated HRMS solution, CorpStrat HR is able to provide reporting about when an employee was offered coverage, when they responded to the coverage notice during their election period, and any updates made to their benefits profile. By centralizing your information, you reduce the need to secure multiple systems & processes, while reducing the potential for transcription and other communications errors.
If those don’t work for you, there’s always the Cadillac solution: fully outsourcing your ACA reporting to a third party. If you don’t have the resources to run your ACA reporting through CorpStrat Payroll or CorpStrat HR, talk to us today about fully outsourced ACA reporting and compliance. We’ll take care of you.