Hello again,
Our new FREE ACA Savings Calculator helps those clients who are performing the associated ACA tracking manually and are subject to Affordable Care Act (ACA) reporting to the IRS, compare how much time and money they can save by using Passport Software’s ACA Software. See how it works…
If your company is an ALE (Applicable Large Employer) and ACA data has not been collected, there is still time to take important action. It’s not too late to purchase our ACA software or ACA Full Service option.
While there is no way to go back and fix any missed offers of coverage or any violations of the affordability calculations, there are a few things that can be done to help lessen the implications of not filing at all.
1. Don’t panic (well, maybe just a little. Then calm down.)
2. Collect all offer and enrollment data for the year.
3. Try to estimate whether each employee’s contributions were less than 10% of their income. Make sure you are considering the least expensive, qualifying, self-only plan available to them. (Don’t compare the income to a low-deductible, whole family option.)
4. Did any of your employees average 130+ hours per month (30 hours per week) for an extended period of time (about 12 months) and not receive an offer?
5. Did you have 250 or more full-time employees, including turnover?
Points 3 and 4 are simplified versions of more complex questions. If all offers were under 9.83% of income and there are no doubts about who was FT and PT, you can read these IRS filing instructions and hand complete the 1094-C and 1095-C forms or use one of the simpler “plug and chug” online tools. If you aren’t sure, then this is definitely time to call in a professional to make sure you use all the correct codes and using any allowable exceptions to your advantage.
If you have more than 250 forms, then you must file electronically. It is virtually impossible to create and transmit these files without an ACA specific software or service. Passport has both…
To learn More about Passport Software’s ACA Software call 800-969-7900. Or, contact us – we are here to help.