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How Did ACA Reporting Go for Your Company?
Understanding the guidelines of the Affordable Care Act (ACA) and how they affect your business is a daunting task. It takes a considerable amount of your time to determine a company’s strategy, gather the information you need to manage and track ACA requirements, and report that information correctly to the IRS. If your current process proved to be less than ideal, consider reviewing your current strategy and making adjustments for a successful reporting season next year.
Why Your Strategy is Critical
It’s important to develop a strategy that is able to keep up with current ever-changing ACA regulations. If your current strategy is not being updated as ACA regulations evolve, you cannot be 100 percent confident your data and reporting will be correct. With ACA compliance and the possibility of facing fines for incorrect data, it’s critical that your strategy helps keep you compliant and stay on top of ACA regulations.
Reviewing Your Current ACA Strategy
Now is the time to review how your ACA processing went and determine what method of reporting you plan to use for next year if you’re subject to the Employer Mandate. It’s important to approach ACA reporting with a team effort by aligning HR, the CFO or Controller, and your company’s accountant or tax advisor.
Questions to Consider
It is crucial to have a strategy that accurately tracks and records coverage provided for each full-time employee on a monthly basis so you are better prepared at the end of the year. When reviewing your current ACA strategy, consider the following:
Does your organization qualify as an ALE according to the guidelines of the Employer Mandate?
Do you have the right systems in place to properly track and manage ACA compliance, including employee statuses, benefits administration, and variable hour employee tracking?
What reporting method works best for your organization?
Have you recently reviewed the IRS page on ACA reporting to ensure you’re up to date on reporting guidelines?
If you’re hesitant about any of these questions, it’s time to makes adjustments to your current ACA strategy. Consider implementing an ACA reporting service which offers a guided workflow, walking you through each step and answers any questions you may have along the way. With so much at stake, you want to feel confident about what you’re submitting to the IRS.
Partner With an ACA Reporting Provider
If your company is looking to partner with a trustworthy provider who offers ACA compliance and reporting solutions, or if you’re looking to find a better fit for your needs, it’s important to look at what services are offered. Find out if the vendor provides the following:
Automatic reporting of employer-sponsored coverage amounts on form W-2s.
When vetting providers, take a look at the features and benefits their solutions offer and understand how they will work to help improve your compliance strategy. ACA compliance is complex, so finding a reporting solution that takes the complexity out of the equation will save you time and headaches.
Preparing for Next Year’s ACA Reporting
Although you are in the middle of ACA reporting, it’s important to note the positive and negative things in your current strategy to make adjustments for next year’s processing. When preparing your strategy for next year, consider partnering with a provider to have an organized game plan that guides you through tracking, managing, and reporting for ACA to stay compliant and avoid costly penalties.
TAKE THE COMPLEXITY OUT OF ACA COMPLIANCE
Let’s face it, it’s impossible to manage ACA compliance and reporting when you’re using manual processes and multiple point systems. When your data lives in a unified database, ACA compliance and reporting is easy.
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