ACA Reporting and Compliance – getting ready.
The new reporting requirements that come with the Affordable Care Act are more than some employers would like to deal with alone and in-house. This upcoming filing year will be the first reporting year where it is mandatory to file the 1095 form series so being prepared and getting a solution in place should be a top consideration for employers.
According to a survey conducted among 480 employers in 36 industries only 10% have in-house OR outsourced solution in place. Sixteen percent of survey participants reported that they have not yet even considered a solution, or do not know what solutions they should consider.
For employers, the basics of Affordable Care Act compliance includes payroll data collection, subject-matter consulting, form distribution and electronic filing. This reporting applies to all employers with more than 50 full-time employees. Last year ACA reporting was voluntary and was used as a trial run but now, the pressure is real. More importantly are the substantial penalties assessed for non-compliance. For 2015 if coverage is not offered to at least 70% of employees of an Applicable Large Employer (ALE) the employer is subject to a 2,000 dollar penalty per employee. For the following tax year (year 2 that ACA is mandatory) all ALEs must offer affordable coverage to 95% of its workforce.
Not many vendors have an Affordable Care Act solution in place and those who do are very expensive. Here at Tab Service Company we have built out tax processing application to include the 1095 series.
We can cost-effectively offer large employers:
- Data collection management
- 1095 Electronic presentment
- Variable Hour Tracking
- 1095-C Printing and Mailing
- IRS Electronic Filing
- Subject-Matter Specialist Advising
Call a Tab Service Company account representative today at (312) 527-4306 to discuss how we can offer a full outsourcing solution for your organization.
Tab Service Company is a service bureau company that offers ACA compliance services for section 6055 reporting. Established in 1960 the company has provided organizations and businesses across the nation with Business Process Outsourcing solutions. We approach the section 6056 reporting and compliance from a holistic standpoint to include: tax consulting, data collection, electronic presentment and print/mailing/electronic filing. Call today to speak to a representative (312) 527-4306.