In todays Failure to comply with ACA reporting requirements can lead to extremely costly penalties: for each late, incomplete, or incorrect form, the IRS can levy a fee of $260. The ACA also mandates employers provide certain forms to employees on top of filing reports with the IRS. There’s a separate fee for failing to provide the forms to your employees, so if you fail to provide a form to both the IRS and your employee you could receive a penalty of $520 per employee.
While it may feel like you have plenty of time to get everything in order, we’ve seen many employers procrastinate and fail to meet ACA requirements. Large employers especially benefit from securing ACA compliance assistance early. If you have a large number of employees it will, of course, take more time to prepare and submit the proper ACA reporting forms, and you run a higher risk of noncompliance. Securing ACA reporting assistance now will give you a head start so you can rest assured you won’t be subject to any penalties.
The Important question is:
BASIC’s ACA Elevate can ease the burden of ACA reporting requirements and keep you from having to pay thousands of dollars in noncompliance fees. We offer dedicated ACA compliance specialists for each ACA Elevate client – these include a Certified Health Care Reform Specialist (CHRS), Senior Professional in Human Resources (SPHR), and an attorney. The whole system works off of a simple Microsoft Excel workbook upload. Simply include employee and coverage data at year-end and you’re all set.
BASIC has been lending our compliance expertise to our clients for nearly thirty years. We know how to help your business run without any hiccups. We’re happy to help ease the reporting burden of complex laws like the Affordable Care Act, we believe you should have the freedom to focus on the things you love about running your business. To keep your peace of mind intact always remember to keep it BASIC.