Mitigate Penalty Risk with ACA Software
This post is for Applicable Large Employers (ALEs) required to comply with the Affordable Care Act. We hope you find it useful.
Passport Software’s comprehensive ACA Software helps our ACA customers easily manage and track ACA compliance management data. Much more than a forms-only software solution, our ACA solution helps you maintain compliance year-round.
If you are manually tracking, automation can streamline ACA-related data management and help simplify the entire compliance management process. Applicable Large Employers must offer appropriate coverage to qualifying employees and their dependents and ensure that the coverage is affordable.
Our ACA software provides reports that alert you when offers of coverage are needed and if the offers are considered affordable under IRS criteria. For many companies, manually tracking these requirements is cumbersome and may be prone to errors that can result in penalties.
Reduce Penalty Risk
Our comprehensive ACA software eliminates the arduous task of manually tracking eligibility. Your ACA-related data is streamlined into an automated system that helps simplify data tracking and filing.
Employee hours may fluctuate and be more difficult to track manually, which may be prone to incurring errors which increase the risk of penalties. You can generate status reports to track employees trending towards full time and when to provide the needed offers of coverage.
Our IRS-certified ACA software is trusted in a variety of industries, and we are IRS-approved for proxy submission. Our friendly experts can answer any questions you might have about our ACA Software and services, our ACA penalty response consultation services, or ACA-related questions in general.
If you are underwhelmed by or paying too much for your current ACA solution, we are happy to provide a demo of our ACA software or answer questions about our ACA Full Service option.
The IRS has the authority to enforce ACA compliance, and a company can be audited even though they are compliant. Being on top of compliance management could save a lot of money in penalties and help mitigate the stress of an unexpected audit. The best way to prepare for an audit is to maintain accurate tracking of eligibility, offers of coverage, affordability, and ensure accuracy of your ACA-related data.
Good Faith Transition Relief ends starting with the 2021 reporting Year, so filing inaccurate or incomplete forms could lead to penalties. If you are manually tracking, ACA software can help streamline data management and may also help reduce errors.
Good Faith Transition Relief protects employers from penalties for incorrect and/or incomplete ACA filings – if employers could prove they made a “good faith effort” to comply with the filing requirements.
As you prepare for ACA reporting deadlines, take stock of where you are in the compliance process. Are you manually tracking and overwhelmed with data management? Are you accurately tracking but doing all the work for a forms-only or payroll solution? Are you comfortable with the compliance process but underwhelmed by your current solution?
Identify any challenges that you are having and determine whether you need outside help, such as comprehensive ACA software, an ACA reporting service, or guidance from an ACA compliance expert.
Ensure that your ACA-related employee data is correct, that you understand the measurement methods, are accurately tracking eligibility and needed offers of coverage, and determining affordability under IRS criteria.
Preparing in advance can help reduce penalty risk and help provide peace of mind. If you are proactive in assessing penalty exposure, you can correct issues and be prepared in the event of an unexpected IRS inquiry.
Our friendly experts can help you identify issues before you file and answer any questions about the ACA in general. We also provide penalty response services and have helped many companies avoid or drastically reduce penalties.
You can also email firstname.lastname@example.org with questions.