CHARLOTTE, N.C., June 5, 2015 /PRNewswire/ -- Employer compliance with the Affordable Care Act (ACA) is critical to avoid potentially severe fines and penalties. Neglecting to take the proper steps now could result in a very costly disaster next year.
The applicable 1095 forms must be provided to employees by February 1, 2016 (since January 31 falls on Sunday) and filed with the IRS by February 29 (because of leap year) for paper filing or March 31 if filed electronically. The IRS will use these forms to determine employer shared responsibility and if affordable minimum essential coverage was offered, so having accurate data readily available is vital.
Though reports and completed forms are not required to be submitted until 2016, applicable large employers (ALEs) should have already been monitoring and compiling the necessary monthly employee data since January 1, 2015. Infinisource's iSolved tracks and maintains data concerning employee status, dates and coverage in a single source and can produce reports for ACA compliance. The iSolved ACA Checkup is a useful tool for evaluating how employers' criteria may subject them to certain provisions of the law.
Due to the complicated nature of the various aspects of the ACA, Infinisource has been building and will very soon release a special iSolved ACA Reporting component to help organize and automate reporting and filing requirements detailed in Sections 6055 and 6056 of the IRS Code. Items to be covered will include: ALE status determination, FTE employee calculation, evidence of minimum essential coverage and affordability, form generation/delivery and more.
About iSolved
iSolved is Infinisource's comprehensive human capital management solution for payroll, time, benefits and HR that manages an employer's most important asset – their people. The cloud-based platform is delivered through elite, regional payroll providers who provide best in class service to their clients. This unique approach gives small to midsize employers access to a cutting-edge HCM solution, while retaining the local service relationship they prefer.
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SOURCE Infinisource
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