MINNETONKA, Minn., March 26, 2014 /PRNewswire/ -- In time for the implementation of new Affordable Care Act (ACA) tax reporting requirements, Convey Compliance Systems Inc. has announced an update to Taxport Compass™ to make understanding and complying with these obligations easier. Launched in late 2013, Taxport Compass is a compliance reference tool that provides a single comprehensive resource to help organizations easily understand their "non-wage" reporting and withholding obligations. With the recent update, Taxport Compass takes another step in simplifying complex regulatory reporting language, allowing users to take appropriate actions to ensure compliance.
"Under the ACA, understanding what to report, when to report it, [and] who is responsible for reporting are all complex problems that organizations needed help with now," said Jeff Cronin, vice president of product strategy for Convey. "This is why we expanded our Taxport Compass solution to address these new and complex reporting obligations."
As part of Sections 6055 and 6056 of the IRS tax code, insurers and corporations will be required to report to the IRS on individuals covered under the plans they offer. To record this data, the IRS issued new tax forms (1095-B & 1095-C) to be sent monthly and annually (depending on the form) to individuals, with subsequent reporting to the IRS. Understanding what needs to be reported, when and in what manner will create challenges for many organizations.
"Given that this is one of the largest expansions of tax information reporting since the W-2, organizations will without question have some challenges with these new reporting requirements," Cronin said. "Our clients have been asking us for a simple way to understand their reporting responsibilities under ACA, and adding the requirements to Taxport Compass was a natural solution."
Clear information on the health care law is scarce, but Convey's ACA update to Taxport Compass provides an effective solution for businesses to simplify the legislation's intricate language in order to correctly report and avoid costly penalties.
With extensive regulatory research and up-to-the-minute information on changes, Taxport Compass clients can be the first to learn about new developments. Fueled by nearly 30 years of Convey's tax reporting and compliance expertise, Taxport Compass provides an all-encompassing solution for ACA and other tax reporting needs.
SOURCE Convey Compliance Systems Inc.