Precision has you covered
With the Affordable Care Act’s (ACA) new reporting requirements that are mandated starting this year, Precision Payroll offers a suite of services to help clients understand and meet these requirements.
Starting in 2015, employers with 50 or more FTE (full-time equivalent) employees were required by the ACA to offer qualifying health care coverage or potentially face penalties. To ensure compliance, employers are responsible for reporting under sections 6055 and 6056. Employers with fewer than 50 employees who self-insure also must report.
With Precision Payroll’s ACA report (only $50 to run), you will receive a total employee count, their status (full-time or part-time) and the full-time equivalent calculations. Precision began offering this aid for compliance testing and affordability analysis in 2014.
“As always, we try to be ahead of the game and have been working to develop programs and services that help our clients navigate this new terrain,” says Tom Sodeika, Precision Payroll’s President and CEO.
Now in 2015, reporting to the IRS is a new challenge. The 1095 employee form is required for filing in 2016 for 2015 employee data, and must be postmarked by Jan. 31, 2016, similar to the W-2. The 1094 employer form must be transmitted to the IRS by Feb. 29 (Leap Year) if by mail, and March 31, 2016, if filed electronically.
A part of this additional challenge, says Sodeika, is that the reporting now required by the IRS and Department of Human Services requires data tracking and codes that are completely new to the data environment. The data must be reported for every month in 2015, and the codes to use have proven confusing.
But have no fear! Precision offers several options to assist clients with ACA compliance:
- Level 1: HR Consulting Services for review and recommendations for your own internal tracking and reporting.
- Level 2: Precision’s ACA template for loading data for the 1094 and 1095 forms, as well as final review and filing.
- Level 3: Precision’s Fully-Assisted ACA Reporting for the 1094 and 1095, as well as final review and filing.
Additionally, the new expanded payroll platform to which PPA is transitioning includes ACA tracking, testing, reporting and filing embedded within it — allowing online customers to directly access ACA data. For clients who report by phone, fax and email, all ACA reports will be available on demand.