ACA Reporting Essentials
The Affordable Care Act (ACA) aims to make affordable health care available to more people. In addition to providing health insurance subsidies to households earning at or below the federal poverty level, the ACA requires certain employers to offer affordable health plans to full-time employees and their dependents. These plans must meet standards for minimum essential coverage.
Companies that fail to comply with ACA requirements can face steep penalties, so it's essential to keep track of your obligations and responsibilities under the legislation. Reporting is an essential aspect of ACA compliance
What Are the ACA Reporting Necessities?
Under the ACA, applicable large employers must report to the IRS information about the health coverage they offered to their employees. An applicable large employer, or ALE, is an entity that employed an average of at least 50 full-time workers in the last calendar year, including full-time equivalent workers.
If you qualify as an ALE under the Affordable Care Act, you'll need to meet ACA tracking and reporting requirements. Two forms make up the ACA's reporting necessities: Form 1094-C and Form 1095-C. Whether you have 50 employees or 500, managing the information needed to file these forms accurately can challenge even the most experienced HR professionals.
To meet ACA reporting requirements, you will need to track and record lots of information — from employee social security numbers and addresses to the types of health insurance plans offered. But filling out your 1094 and 1095 forms doesn't have to be complicated. SyncStream has developed an ACA reporting solution to help you file the required reports easily and accurately.
SyncStream Reporting Solution
SyncStream's ACA Reporting Essentials helps align your organization with reporting requirements by consolidating the information needed for IRS reporting and populating forms automatically. Once you've generated the required reports and checked them for accuracy, you can use Reporting Essentials to e-file directly to the IRS, hassle-free.
Using ACA Reporting Essentials, you can easily track this information throughout the year and save time when completing forms for each employee.
ACA Reporting Essentials Demo
With both self-service and full-service options available, SyncStream's ACA Reporting Essentials allows you to tackle reporting in the way that's most convenient for you. To see how our cloud-based solution could transform your HR workflow and help you achieve compliance, please contact us to request a demo today or watch a short pre-recorded demo below!