Simplify Affordable Care Act Compliance
This post is for Applicable Large Employers (ALEs) required to comply with the Affordable Care Act. We hope you find it helpful.
Many of our clients tell us that tracking data and reporting were a challenge in the past, and that’s why they turned to our ACA solutions. Let Passport Software help reduce the administrative burden of Affordable Care Act compliance and reporting.
Passport Software offers several levels of service: IRS-approved ACA software, optional proxy submission, and Full-Service.
From HRDrive.com: “One of the biggest concerns businesses may have about the ACA isn’t for changes in 2018, but for actions that took place in 2015-2017.
Businesses that did not comply with the law’s filing requirements are subject to penalties, says R. Pepper Crutcher Jr., Partner at Balch and Bingham — and those penalty notices will be coming out in a few weeks.
Large employers had been told by the IRS that assessments were coming in 2015, 2016 and 2017, but the IRS has been behind on assessing those fees, Crutcher said, so some companies ignored the filing requirements.
‘Like Chicken Little, they just quit listening,’ he said. In addition, with the possibility of an ACA repeal, some employers thought they’d never be affected.
But now, Crutcher says, employers may receive three years of catch up tax assessments within a short period. ‘The surprise is going to be rather like an earthquake that gets aftershocks,’ he said.”
The penalties for not filing correct information returns and/or not furnishing correct payee statements are $260 per return with a $3,193,000 maximum. Willful non-compliance can result in a $530 fee per return, with no maximum limit.
We help ALEs as well as Third Party Administrators who use our solutions provide compliance for their clients year-round.
Our ACA software imports data from an employee spreadsheet and provides reports to monitor compliance throughout the year. Rapidly generate employee records and forms, e-file and more.
The software’s comprehensive reports determine eligibility, affordability, and provide a monthly employee status update. With this report, you can monitor part-time employees trending towards full-time to help avoid penalties year-round.
Also, we are IRS-approved for proxy submission, and with our Full-Service, just provide a spreadsheet with employee data and we do the rest.