BTerrell Group Blog

ACA relaxes Form 1095-C distribution deadline

Posted by Brian Terrell on Tue, Dec 29, 2015

Yesterday afternoon, the IRS issued Notice 2016-4, which provides unexpected relief to employers distributing those soon to be well-known Form 1095-C information returns to employees. This late Christmas present will be well received by every employer struggling with system update and information gathering challenges. Applicable Large Employers (‘ALE’) and insurance companies now have nearly two additional months to get forms in the mail to employees. This additional time applies not only to Form 1095-C but also to Forms 1094-B, 1094-C, and 1095-B. Who said there wasn’t a Santa Claus?

If you are an Intacct end user struggling with ACA compliance or just want more information on fully integrated HRMS and Payroll for Intacct, please contact BTerrell Group. We're ready to discuss the incredible return on investment and decreased total cost of ownership offered by SaaS finance, accounting and HR applications!

By Brian Terrell of BTerrell Group, LLP, Intacct and Sage ERP & CRM provider based in Dallas.

Tags: HR software, ACA, HR, hrms, Intacct, taxes, IRS, technology ready for ACA, SMB HR, ACA compliance,

Exciting Improvements Made to AmeriFlex Workforce Management System

Posted by Brian Terrell on Mon, Dec 28, 2015

Workforce_Management.jpgUsers of the AmeriFlex Workforce Management System are enjoying a user interface update recently made that streamlines the navigation experience.  As noted on this infographic, “Here’s a sneak peek of your new Workforce…,” the floating navigation bar has been replaced with intuitive icons and links.  The search bar has been moved to a more prominent position, so you can find data faster.  Other changes include compact icons that replace cumbersome cascading menus and clusters with subheadings that simplify the menu to remove distracting clutter.  These and many other enhancements make entering and finding data easier and speedier, which helps you do more work with less effort so you can spend time winning new customers and serving existing ones! 

Because Ameriflex delivers Workforce software as a service (“SaaS”), clients companies were required to do absolutely nothing to take advantage of these exciting and effective user interface improvements. Imagine how much money you save by having changes automatically deployed on all BTerrell Group SaaS solutions, including Intacct, Workforce Go!, and Nexonia. If your company is still paying large fees to service providers to keep your software current, contact BTerrell Group to learn more about the incredible return on investment and decreased total cost of ownership offered by SaaS finance and accounting applications!

By Brian Terrell of BTerrell Group, LLP, Intacct and Sage ERP & CRM provider based in Dallas.

Tags: ACA, Intacct, technology ready for ACA, ACA compliance,

Major Changes in the Game of Healthcare Reporting Requirements

Posted by Brian Terrell on Thu, Jun 25, 2015

The new standards of reporting for the Affordable Care Act (ACA) (or Obamacare as many like to call it) have officially kicked in for employers w/ 100+ employees on January 1, 2015 and will kick in for employers with 50+ employees on January 1, 2016. Have you made the necessary changes to meet these new standards?

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First of all, what are the new standards?? The new reporting system for ACA is similar to the current W-2 reporting system in that a return (Form 1095-B or 1095-C) will be prepared for each applicable employee, and these returns will be filed with the IRS using a single transmittal form (Form 1094-B or 1094-C).

If an employer has 250+ returns, they must file electronically and annually by March 31. Therefore, employers will be filing these forms for the 2015 calendar year by March 31, 2016. A copy of the Form 1095 must also be given to the employee by January 31 and can be provided electronically with the employee's consent. Employers will suffer penalties of up to $200 per return for failing to timely file the returns or provide statements to employees.

With all these new requirements, it’s very important to streamline electronic management of these files and forms by using an integrated Enterprise Resource Planning (ERP) solution, one that can manage your documents while creating a trustworthy audit trail behind it.

Let’s face it, the name of the game has changed and yes you have to suffer the consequences. But it really doesn’t need to be all that bad and with an ERP in place to help manage financial reporting, HRMS, and payroll, you could be gaining more ground in other areas of your business.

Whether you’re affected by the reporting changes this calendar year or the next, it’s not too late to get an ERP solution in place, especially one that’s in the cloud. Intacct is a best-in-class cloud financial management and accounting solution that’s easy to implement and helping mid-sized businesses meet new reporting requirements every day. Not only do you need a powerful ERP, but you need to make sure it can integrate with your other systems in place. Workforce Go! allows for full integration between Intacct and AmeriFlex Workforce Management Solution. Ameriflex Workforce automates HRMS compliance functions without giving up Intacct’s ability to support dimensions and automatic transaction posting.

Contact us at BTerrell Group, LLP for more information about Intacct and Workforce Go! Change the game at your organization to make the odds in your favor for complete and accurate ACA reporting when the time comes. 

By Brian Terrell of BTerrell Group, LLP, Intacct and Sage ERP & CRM provider based in Dallas.

Tags: ACA compliance,

A Study in Unintended Consequences - ACA Results in Shorter Employee Workweeks

Posted by Brian Terrell on Mon, May 18, 2015

The construction industry seems to be booming in the Dallas/Fort Worth metroplex, so I was surprised to recently hear of a young man in Dallas having trouble finding a job working 40 hours per week in that industry. As I considered the situation, I realized that many companies may be lowering the number of hours available to employees, and this could be an unintended consequence of Affordable Care Act (ACA) requirements taking effect in January 2015.

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The ACA requires employers to provide coverage or pay a penalty based on the number of employees working 30 or more hours per week. The Employer Shared Responsibility provision of this statute defines a full-time employee as an individual employed on average at least 30 hours of service per week, and this provision applies only to employers with 100 full-time employees starting in 2015 (50 full-time employees starting in 2016).

As a result, many companies across various industries are changing scheduling activities. According to Fox Business, Mercer, a human resources consulting company, conducted a survey that concluded that 12% of all U.S. employers reported plans to reduce workers’ hours as a direct result of the ACA. Fox Business also reported that in a survey conducted by the Society for Human Resource Management (SHRM), 41% of 603 small business owners said they have delayed hiring because of the federal healthcare law. One in five had already cut hours when the survey results were published. A report from the UC Berkeley Labor Center shows which workers are most at risk of reduced work hours under the ACA.

Constuctionbusinessowner.com suggests seven steps to prepare for ACA regulations including tracking employee work hours and determining who you must cover, but I suggest leaving the details to the experts to help avoid penalties. Luckily for Intacct users, AmeriFlex Workforce (integrated with Intacct through WorkforceGo!) helps make ACA compliance monitoring easy by simplifying processes around ACA compliance, providing accurate visibility into average hours worked by full-time and part-time employees (including the look-back and stability periods), and automating benefits eligibility notification and open enrollment.

Contact us for more information about AmeriFlex Workforce and how it can help simplify ACA compliance for your company.

Tags: Affordable Care Act, ACA, AmeriFlex, Workforce Go!, ACA compliance,

Are You Prepared for the 2015 ACA Reporting Requirements?

Posted by Brian Terrell on Tue, Dec 09, 2014

Starting in January 2015, the Affordable Care Act (ACA) requires employers to significantly increase their information reporting responsibilities. For example, if your small business (fewer than 50 employees) provides self-insured health coverage to your employees, you must file an annual return reporting certain information for each employee you cover.

For larger employers (50 or more employees), the reporting requirements are even greater. Starting in calendar year 2015, large employers must file an annual return reporting whether and what health insurance you offered your employees. In addition, if large employers provide self-insured health coverage to employees, they also will have to file an annual return reporting certain information for each employee covered. All three of these rules were optional in 2014.

The table below, created by McGladrey, shows a basic overview of what forms are required in different circumstances.

Employer Size Employer Health Plan Employer Files Forms 1095-B/1094-B Employer Files Forms 1095-C/1095-B
Small employer None No No
Small employer Insured No (insurer files forms) No
Small employer Self-insured Yes No
Small employer treated as large None No Yes
Small employer treated as large Insured No (insurer files forms) Yes
Small employer treated as large Self-insured Yes Yes
Large employer None No Yes
Large employer Insured No (insurer files forms) Yes
Large employer Self-insured Generally, no Yes

 

Unfortunately, knowing which form to use is only part of the battle. The real question is whether or not you have the infrastructure in place to manage the requisite information.

Form 1095-C alone requires this information reported to the IRS:

  • The employee’s name, address, and Social Security number
  • The employer’s name, address, and employer identification number
  • Whether the employee and family members were offered health coverage each month that met the minimum value standard
  • The employee’s share of the monthly premium for the lowest-cost minimum value health insurance coverage offered
  • Whether the employee was a full-time employee each month
  • The affordability safe harbor applicable for the employee
  • Whether the employee was enrolled in the health insurance plan
  • If the health insurance plan was self-insured, and the name and Social Security number of each employee and family member covered by the plan by month

Do you have a plan in place to collect this data? If not, now is the time to consider how you will gather and track this information. Excel spreadsheets, manual calculations, and ad-hoc reporting may feel comfortable because of familiarity; but comfortable isn’t always compliant or easy. Due to the potential for steep penalties, employers need a reliable solution (such as the AmeriFlex Workforce ACA Compliance Monitoring Module) that offers visibility and flexibility to adapt to new requirements down the road.

If you are unsure if your infrastructure can meet the demands of the 2015 ACA reporting requirements, contact us today for a free consultation.

Tags: AmeriFlex, AmeriFlex Workforce,, ACA compliance,