Regulatory compliance costs the health care industry upwards of $200 billion annually, according to a recent report from the American Hospital Association. With most health care compliance issues related to patient safety, privacy of patient information, and billing practices, Affordable Care Act (ACA) compliance and reporting may not be top of mind.
Since being signed into law eight years ago, the Affordable Care Act (ACA) has undergone many stops, starts, and changes. No two years have been the same, making keeping up with compliance even more challenging. ACA requirements are complex, and the cost of mistakes can be high.
If you’re in charge of a hotel, restaurant, casino, spa, or other hospitality business, congratulations! You have even more challenges, and more to lose, when it comes to Affordable Care Act (ACA) compliance.
ACA compliance can be a hair-pulling slog for applicable large employers (ALEs), a category many hospitality businesses fall under. If you’re part of this group, you already know you have to offer affordable, minimum-value coverage to full-time employees (those who work at least 30 hours per week).
It may be 2018, but 2015 is still top of mind – at least in terms of Affordable Care Act (ACA) reporting.
The IRS has been sending penalty letters to applicable large employers (ALEs) that may be liable for employer shared responsibility payments (ESRPs) from 2015 under the ACA.
This is the first year the IRS is sending Letter 226-J to employers, so there are bound to be questions. We’re here to help explain what the letter means and what you can do to avoid paying expensive fines.
The Affordable Care Act (ACA) is already a brain-twister. Throw in employees that work at multiple locations, and a headache isn’t just a possibility—it’s a near certainty.
One year after President Trump took office vowing to repeal and replace the Affordable Care Act, the law still stands.
Yet many people assume it has been repealed, even though the requirement for an employer to offer health care coverage to full-time employees is still in effect.
Yes, ACA reporting is still on for 2017.
If you were doubting that 12 months ago, or even six months ago, we can’t blame you. This time last year, health care reform efforts in Congress seemed poised to change how employers’ reporting and compliance requirements worked. President Trump signed a number of executive orders in the following months, attempting to dismantle various provisions of the ACA.
Last year we wrote about what we learned from the 2016 ACA e-filing process, the first year employers had to report. It was tricky, error-prone, and buggy, but we got through it.
With another year gone and the ACA still intact, another round of reporting is upon us, which means many employers are once again scrambling to prepare. With more than 2 million ACA forms filed, we’ve learned a thing or two about ACA compliance.
While compliance isn’t fun, it’s definitely better than the alternative. No matter how little you enjoy the data collection, record keeping, and form filing required for compliance, you probably enjoy paying fines even less.