The Affordable Care Act (ACA) created a number of federal reporting requirements for employers and health plans.
However, many employer groups have put off addressing the legal responsibility of complying with the reporting requirements . . . and time is running out.
Do you know your reporting obligations? Does your team have the administrative support it needs to create and file the necessary reports? We can help you assess your needs and comply with the regulations.
ACA Reporting Requirement Timeline
Complying with the reporting requirements can seem daunting, and will require meticulous record keeping, placing additional burden on employers. The deadlines are fast approaching as the first reports to the IRS are due by February 28, 2016 (March 31, 2016, if filed electronically) for the 2015 calendar year. The first individual reports to employees are due no later than January 31, 2016 (February 1, 2016, if filed electronically) for the 2015 calendar year.
Each Employer is Unique
Each employer has a different employee population, turnover rate, employee benefit package, and resources available; as a result, the best reporting solution for each employer will vary based on your specific circumstances. The good news is that there are multiple solutions available to help fulfill the reporting responsibilities:
- Payroll Vendors
- Independent Technology Vendors
Researching and determining the best course of action for your organization should be a top priority.
TRAX – An Intuitive Cloud-Based Solution
One solution to consider is TRAX, which can easily be integrated with most payroll vendors via uploading encrypted files to a secure server. Administrators will answer questions to help supplement the uploaded files, and TRAX will expose the hidden risks and alert administrators to potential penalties before filings are completed. This cloud-base software provides ongoing customer service and in-depth training, so your team is fully supported throughout the entire reporting process.
Most third-party vendors that offer ACA software solutions have implemented deadlines to onboard employers to avoid an influx at the end of the calendar year. To ensure your company does not miss these deadlines, considering your options sooner rather than later is paramount.
If you are interested in learning more about the employer reporting requirements and solutions, contact us to learn more.