Who is subject to ACA compliance? 

  • Employers that have 50 or more full-time equivalent employees are subject to ACA tracking and reporting regulations
  • The ACA defines full-time employee as; an employee that works 30 or more hours a week on average
  • Employers must track employee hours to determine which employees are "full-time" 
  • Full-time employees must recieve a 1095-C form from the employer 
  • Aggregate and Controlled Groups must calculate full-time equivalent employees on a consolidated basis!

12 Steps to ACA Compliance     

ACA Reporting Solutions

Companies that meet the requirements for the Affordable Care Act (ACA) must generate an ACA annual report to prove their compliance. The ACA reporting guidelines can be confusing, and many companies look for a trusted partner to help them navigate the forms and deadlines.

SyncStream has the software solutions and expert team you need to help you understand ACA reporting in 2020. We will explain everything you need to know about the Internal Revenue Service (IRS) and ACA reporting dates and how to find software that meets your needs.

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About ACA Compliance

According to the health care employer mandate, qualified companies must offer affordable, minimum value health insurance to their full-time employees and their children up to 26 years old. Affordable means that the employee-only coverage stays within a certain percentage of their household income, and minimum value means the plan pays at least 60% of the cost of covered services.

ACA tracking and reporting keeps you in compliance with the IRS by proving that you have health care coverage available to employees.

Who Is Subject to ACA Compliance?

Employers that must comply with ACA requirements include:

  • Companies with 50 or more full-time or equivalent employees within the last year
  • All self-insured companies regardless of size

A full-time employee is someone who works an average of 30 or more hours each week for more than 120 days a year.

What Is Reported to the IRS?

ACA 6055 and 6056 reporting outlines what companies must meet these standards and which forms are required. The two forms are:

  • 1095-B: Your company issues form 1095-B to your employee and the IRS as proof of coverage. Use this form to report on the employees covered by your self-insured health plans. The IRS will also need Form 1094-B defined by the Internal Revenue Code (IRC) Section 6055.
  • 1095-C: Form 1095-C is the reporting statement issued by your company. It provides your employees with documentation about their health care coverage offerings. It also acts as proof to the IRS that you offered health insurance. You must send form 1094-C to the IRS defined by IRC Section 6056.

The IRS uses these forms to determine if your company will be subject to penalties.

ACA Reporting Deadlines

One of the most common questions companies ask is, when is ACA reporting due? Knowing the 2020 ACA reporting deadlines is essential to filing on time and avoiding late penalties.

The ACA compliance deadlines vary every year, but the order of what is due remains the same:

  1. Form 1095-C to employees
  2. Forms 1094-C and 1095-C due to IRS

These deadlines follow the same filing schedule as other information returns you may complete, such as Forms W-2 and 1099.

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SyncStream's ACA Reporting Solutions

At SyncStream, we understand that IRS ACA reporting can be complex. We have ACA financial reporting solutions backed by dedicated staff members who will help you keep on top of your reports.

We offer four solutions for ACA reporting:

ACA Dashboard

ACA Dashboard is our most comprehensive solution. Track employees, use data to generate reports, reporting codes and documentation, and e-file right from the software. The program can also populate reports and statements and make any report corrections for the ultimate simplicity. 

ACA Reporting Essentials

ACA Reporting Essentials consolidates all of your data necessary for reporting, populates your forms and e-files with the IRS. It's the best solution if you already have an employee tracking program and want another that will assist with reporting.

ACA Audit

ACA Audit helps you stay in compliance and avoid penalties. Check for potential filing issues, estimate penalty calculations, and generate a liability assessment report and response collateral in the event of an IRS penalty letter.

ACA E-file Complete

ACA E-file Complete makes sure that your ACA reports are filed on time and keeps you compliant. Populate your forms, e-file with the IRS, make edits and corrections, and monitor your filing status. Use this software if you already have a solution for tracking and reporting and want an easy way to file your reports.

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Contact SyncStream Today

SyncStream is ready to help you find a software solution that will ensure your company stays up to date with regulations and within compliance. Learn more about our ACA reporting solutions today. Fill out the contact form on our website or give us a call at 877-291-9256.

ACA Achievements

We are proud to have been selected by Shortlister as one of the Top Vendors in the category of ACA Reporting Software for 4 consecutive quarters.

                                          TopVendorBadgeT 3     TopVendorBadgeT 2    TopVendorBadgeT 1    TopVendorBadgeT