CHARLOTTE, N.C., Dec. 17, 2015 /PRNewswire/ -- As of January 1, 2015, the Affordable Care Act (ACA) employer mandate applied to all companies with an average of 50 or more full-time employees. Applicable Large Employers (ALEs) with between 50 and 99 full-time employees got a one-year pass from penalties for not offering required coverage. However, like all ALEs, they are still required to file a return with the IRS and provide statements to employees in order to comply with the provisions of IRS Code Sections 6055 and 6056, or be subject to significant penalties and fines.
iSolved, the powerful human capital management solution from Infinisource, collects, stores and reports all relevant dates, employee status information and other workforce details vital to ensuring complete ACA compliance.
The ACA employer mandate requires ALEs to offer minimum essential coverage which is affordable (costs no more than 9.56 percent of an individual's household income) and provides minimum value (the plan pays for at least 60 percent of covered health care expenses) to qualified full-time employees. If the coverage does not qualify as affordable or fails to provide minimum value, the employers face penalties of up to $3,240 for each qualified full-time employee who receives a subsidy for alternative coverage through the ACA marketplace.
The applicable forms 1094 and 1095 must be provided to employees by January 31 and filed with the IRS by February 28 (paper filing) or March 31 (electronic filing). Employers who file incomplete or incorrect forms may be subject to fines of $250 per form, up to $3,000,000 for the year.
iSolved customers can request a thorough analysis that will help evaluate their reporting readiness while configuring the setup required for utilizing the iSolved ACA Reporting or ACA Pro services. More details about the employer mandate, compliance, deadlines, forms and more can be found in the iSolved ACA Packet and at the Infinisource ACA Resource Center.
iSolved is Infinisource's comprehensive human capital management solution for payroll, time, benefits and HR that manages an employer's most important asset — their people. The cloud-based platform is delivered through elite, regional payroll providers who provide best-in-class service to their clients. This unique approach gives small-to-midsize employers access to a cutting-edge HCM solution, while retaining the local service relationship they prefer.