calendarIf small business CPAs don’t plan for it, Affordable Care Act compliance will be a grinch that will steal your year-end.

This holiday season, small and medium-sized businesses are in for a nasty fourth quarter surprise that will leave many CPAs scrambling to meet December 31st ACA deadlines.

For businesses with over 50 employees, the Affordable Care Act (ACA) has numerous health care reporting requirements that are due at year end. Many small businesses are expecting/hoping that their various health brokers will take care of these healthcare reporting needs. Unfortunately, in most cases, your health brokers can’t help you with all ACA reporting requirements.

Payday HCM understands the complexity behind this difficult legislation, and has developed reports and tools to ensure compliance with the ACA. The Payday HCM ACA package contains three key components:

  • ACA status field determines whether a company is an applicable large employer (ALE).
    • This is easy with our ACA FTE multi-client report and ACA FTE report.
  • Determine employee healthcare eligibility within the company.
    • Our ACA eligibility analysis report will ease the process of determining which employees are eligible for healthcare.
  • Inactive employee report will show which employees have been inactive for a period of time. The ACA rule of parity report will help determine which employees can be treated as new hires or must keep their current healthcare plans when rehired.

ACA Compliance Reporting

Report information on IRS forms 1095 and 1094 (B or C) using Payday HCM HR and streamline the process of managing dependent information with Payday HCM’s online benefit enrollment process.

Tracking ACA Information

Payday HCM’s complete ACA package makes it easy to determine the impact ACA will have on businesses. We have an ACA status field, and have included a copy feature to make updating the current status of multiple employees more efficient.

ACA Reporting

The following reports in Payday HCM provide the tools to help keep you compliant:

  • Applicable large employer determination through the ACA FTE multi-client report.
  • Single and multi-client reports help determine whether the combined full time and full time equivalent employees qualify the company to be an ALE. If you are an ALE, the next step is to determine which employees are eligible with the eligibility analysis report.
  • The ACA eligibility analysis report makes it easy to determine which employees are eligible.
  • The inactive employee report indicates which employees have been inactive for a period of time. It indicates current status codes, including: active, seasonal, suspended leave of absence, military leave, or FMLA that do not have any payroll data for the time period selected. The IER report works in conjunction with ACA rule of parity report.

ACA Rule of Parity

This is a final report to run to help determine which employees require healthcare. It helps determine whether a rehired employee can be treated as a new hire based on the length of the break in service. If the break in service is at least four weeks, and the original service period was greater than the break in service, then the “rule of parity” is applicable.

Payday HCM is dedicated to saving you from ACA compliance nightmares. If you have any questions, call us at 1-888-2-PAYDAY, 505-255-5433 or contact us via http://paydayhcm.com/contact-us.

If you are reading this, chances are Payday HCM is doing some portion of your payroll. Contact your Payday HCM ACA specialist or a Payday HCM sales team member to discuss how you can save time and money by bundling your HR and staffing services.

Businesses that bundle with Payday HCM and Staffing generally save up to 30 percent over buying those service separately.

You need to hurry, year-end is coming fast.

Payday HCM

Payday HCM

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