Are you ACA compliant? PayPlus has two ACA products available to our clients to comply with IRS reporting requirements.
The process of notifying employees of your benefits policy, tracking wait, measurement, and stability periods, determining who is eligible and who is not, when they are eligible, and calculating affordability using safe harbor rules can be challenging for business owners.
In addition, there are requirements for monthly data tracking and reporting of employee status. Beginning January 1, 2016, fines of $200 per employee/per day can be imposed for failure to file each return up to $3 million.
Our ACA compliance services will help you automate and manage the process of notifying and tracking employee responses, employee eligibility, and enrollment requests.
Form 1094C/1095C Reporting
Employers with 50 or more full-time employees are required to use Forms 1094C and 1095C to report the information required. An employer subject to the employer shared responsibility provisions under section 6056 must file one or more Forms 1094C and must file a Form 1095C for each employee who was a full-time employee of the employer for any month of the calendar year. Refer to the IRS Instructions for more information.
ACA Compliance Products
Our ACA Compliance Products can automate most requirements and make compliance manageable. Our compliance products are intuitive and easy to implement and use. Here’s how they work.
Clients who know they have over 50 FTE (full-time equivalent) employees will use our On Demand Product, which after a simple setup process allows you to upload your ACA Policy and input various pieces of information about your policy and the benefits plans you offer. This includes your waiting, measurement, stability, and administrative periods. Our ACA solution will even determine the optimum employer contribution to benefits in order to eliminate fines while keeping employers’ costs as low as possible.
Once setup is complete, our ACA solution initiates, tracks, and documents employee notification about your ACA policy. Employees even e-sign that they have seen the company’s ACA plan.
Our ACA Demand Dashboard will track the various eligibility periods and automatically determines if and when an employee is eligible for benefits. Once the solution determines an employee is eligible, it initiates, tracks, and documents eligibility and financial implications notifications, capturing e-signature date and time-stamp receipt acknowledgment from the employee. This product is ideal for clients with a large number of part-time employees or seasonal employees.
Our ACA Demand Dashboard uses the company’s ACA policy rules to determine the monthly employee premium contribution. This amount is presented to the employee with the automated eligibility notification. Our solution also tracks the decision of the employee to accept or decline the benefits.
Both products determine the monthly ACA status of each employee and prepares the required 1094c and 1095c for the employer and employee each year.
These solution do all this complicated work behind the scenes, automating most ACA compliance issues and making it efficient and easy for companies to manage and maintain.
These products are both offered with a one-time fee. Unlike large national payroll bureaus, we do not charge a monthly per-employee fee for these products.