Are You Prepared For The Upcoming Affordable Care Act (ACA) Reporting Requirements?

Businesses in every industry sector have a lot of reading and preparation to complete regarding the pending Affordable Care Act (ACA) reporting.  Every provider, employer and individual in the United States is about to become fully aware of the upcoming reporting requirements.  This was the trial year for companies to get ready for ACA reporting; however, the amnesty period is just about over.  Get ready for ACA reporting by deploying the right technology and reduce the risk of penalties once reporting becomes mandatory.

As indicated in “Employers with 50 or More Employees,” posted on SBA.gov, employers with between 50 and 100 full-time or full-time equivalent employees have until 2016, which is right around the corner, to comply with ACA reporting.  A full-time employee has been defined as one who is employed for an average of at least 30 hours per week.  Most small businesses are not likely to be affected by the Employer Shared Responsibility Rules and are not likely to pay an assessment for full-time workers that collect premium tax credits in the Marketplace.  However, check the IRS website to determine your status under this rule and/or consult your CPA and benefits provider.

Employers with 50 or more full-time employees must capture and report on information by issuers, self-insuring employers and other parties providing health coverage.  Employer payment plans, including reimbursements to employees for the premiums they pay in the marketplace, must satisfy ACA rules or are subject to a hefty excise tax which is calculated per applicable employee.  The ACA reports must be filed in early 2016, so time is of the essence to determine what information you need to collect and how you can efficiently prepare necessary IRS forms while avoiding penalties.

There are a lot of variables and calculations to consider when preparing for ACA compliance.  The key is to avoid collecting and calculating workforce go logothis information manually.  Modern business management solutions, such as Intacct, can provide the foundation for the data you need to gather for ACA reporting.  When used with Workforce Go! (the fully integrated HRMS solution built for Intacct), you can manage all of your employee data, in addition to core business data, in this centralized solution and use built-in reporting to capture the right data, automate calculations, and streamline ACA reporting.  Contact BTerrell Group for guidance in deploying the right technology to better prepare for upcoming ACA reporting.

By BTerrell Group, an Intacct Premier Partner headquartered in Dallas, Texas.

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