Professional Employer Organization (PEO)
As a PEO, partnering with SyncStream makes complying with employer reporting requirements cost-effective and simple.
According to the Internal Revenue Service (IRS), many entities classified as applicable large employers (ALEs) use a third party — such as a PEO — to handle part of their payroll and tax responsibilities. We see our work as a partnership with your PEO, so you can provide the most valuable solutions for employers looking to outsource obligations.
As the demand for PEOs grows, SyncStream seeks ways to simplify your obligations and secure the best benefits for your clients' employees.
Why Add ACA Reporting to Your PEO's Services?
Under the Affordable Care Act (ACA), employers have extra responsibilities to remain compliant with new regulations. One of those obligations is ACA reporting, which refers to filing annual reports with the IRS. After filing, businesses must provide employees with copies of the information and statements regarding their health care coverage.
The ACA also mandates that certain employers make affordable health care accessible to full-time employees. The IRS fines businesses that fail to comply or fall out of good standing due to new regulations. This expense of complying with fluctuating regulations places a burden on companies, especially small businesses.
When you add ACA reporting to your PEO's services, you enjoy the benefits of delegating your clients' operations to an outside entity. Tracking and reporting solutions from SyncStream help you keep your clients compliant and monitor their current obligations as an employer. By staying up to date on employer requirements, you avoid taking responsibility for costly fines and unsatisfactory benefits.
When considering the pros and cons of PEOs, many companies hesitate to make the investment because ACA requirements change so often. To ensure ongoing compliance, employers want experts to help them fulfill their responsibilities. Working with SyncStream gives your PEO access to our team, expertise and technology for complete peace of mind.
Benefits of Working With SyncStream
Our knowledgeable customer service team is the key to simplifying your PEO's ACA reporting process. SyncStream's software is intuitive and tracking and reporting will help you and your clients avoid noncompliance penalties. Partnering with SyncStream also provides you with solutions that protect you from other fines. This is vital as employers who fill out their own information will face the most complex ACA undertaking yet thanks to changes to 2020's required forms.
Have you ever wondered about the consequences of making an error on those pages? Mistakes on these forms can incur penalties for filing incorrect tax documents. Our team is prepared to complete your ACA reporting with the care, focus and expertise it takes to do so correctly.
The ACA's intention is to ensure employees receive affordable benefits. When you partner with SyncStream, you know you're providing the most accurate information possible to get your clients' employees and their dependents the health coverage they deserve.