Businesses everywhere are seeing the light at the end of the tunnel for 2015 year end reporting, but are not out of the woods quite yet. In accordance with the Affordable Care Act (ACA), employers must prepare employee statements to covered individuals by March 31, 2016 for the 2015 calendar year. Then, employers must file reports to the IRS by May 31, 2016, if filing paper copies, or June 30, 2016, if filing electronically. It’s important to hit these deadlines to avoid penalties.
Preparing for the ACA has been a difficult task for many businesses, and confusing as deadlines keep changing. The IRS had extended the deadline for distributing and filing ACA forms to allow health coverage providers and applicable large employers more time to get ready. Currently, the applicable forms must be distributed to employees this month and filed to the IRS by either May or June. The IRS has also made it clear that they will not grant any extensions for additional time; however, they will use a ‘good faith compliance’ when reviewing forms. In other words, the IRS won’t penalize employers for completing forms incorrectly, as long as they used a good faith interpretation of the ACA reporting requirements. It seems the IRS is suggesting that it’s better to be on-time with incorrect forms, than late.
How to simplify ACA compliance reporting
If you are struggling with ACA compliance reporting or need additional support, you aren’t alone. Many businesses have finished, or are working on, putting the technology in place that can streamline reporting efforts and reduce the record-keeping and reporting burden. Workforce Go! is a powerful solution that can support ACA compliance efforts. Using data from your integrated payroll and human resources solutions, you can:
- collect, analyze, and report on the specific details needed for ACA reporting
- get support for in-house or outsourced payroll processing
- offer self-service capabilities for your employees and managers
- strengthen financial reporting and analytics
Take a moment and review “Is your business ready for the demands of complying with the Affordable Care Act (ACA)?” which includes a collection of helpful information to get you through ACA reporting. You’ll find deadlines, links to forms, and other valuable resources. Then, contact BTerrell Group for additional support so you can be ACA ready and compliant.
By BTerrell Group, an Intacct Premier Partner and Sage ERP PartnerKeywords: Affordable Care Act, Preparing for the ACA, filing ACA forms, ACA compliance reporting, ACA IRS reporting deadline 2016, reduce the record-keeping and reporting burden, Workforce Go, how to simplify ACA compliance reporting, integrated payroll and human resources solutions, strengthen financial reporting and analytics, Intacct Premier Partner Dallas Texas