The Affordable Care Act (ACA) impacts nearly every business and individual in the U.S. Two major components of the ACA are the individual mandate and the employer mandate. In order to enforce or administer these mandates, the government is requiring employers providing minimum essential coverage to report certain information to the IRS about the coverage provided and who it is provided to. The Code also requires statements to be furnished to the individuals that are covered under the employer’s health plan. For more information about these Code Section 6055 and 6056 reporting requirements, see this IRS link.
Or, if you want a quick and easy tool to help you easily identify whether your company has responsibilities under the new ACA reporting regulations, click on this link. If you determine that you are subject to the 6056 reporting, we can help! Through our business partner, BASIC, we have a new service offering called ACA Elevate to help you address the new reporting requirements.
ACA Elevate has two options to help you determine your ACA classification status, manage employee hours for “Full-Time Equivalent” classification and complete the reporting requirements under section 6056.
- ACA Elevate– Option 1 (Year-end Filing) provides year-end filing for those employers with simpler ACA reporting needs, such as manufacturers, banks, medical offices, law firms and other employers with a low variable hour population.
- ACA Elevate– Option 2 (Monthly Tracking & Filing) is geared towards businesses that require monthly tracking along with year-end filing, making it ideal for employers with multiple variable hour employees, such as restaurants, casinos, staffing agencies, and other companies with difficult measurement periods.
Please click on this link to learn more about our ACA Elevate options, or request a quote for our reporting service.