POMPANO BEACH, Fla., Dec. 20, 2017 /PRNewswire/ -- Although many employers took a "wait and see" approach with the hotly debated Affordable Care Act, the law is still intact – and employers must comply with the reporting requirements to avoid costly IRS penalties. Just in time for the fast-approaching information reporting deadlines, a new partnership between ComplyRight's efileACAforms.com and Smart1095.com can help employers meet the ACA reporting requirements as quickly and accurately as possible. The partnership combines the data gathering and validation expertise of Smart1095.com with the e-filing, printing and mailing services of efileACAforms.com for an efficient, end-to-end process.
Proper completion and filing of 1095-C (and 1094-C transmittal) forms by Applicable Large Employers (ALEs) is especially important this year, largely due to the IRS' stepped-up commitment to enforcement. "Employers can no longer obtain transition relief," says Rick Roddis, President of ComplyRight Tax Solutions and efileACAforms.com. "Not only that, but the IRS has stated it will reject 2017 personal tax returns that don't include healthcare coverage status." This means all covered employers must file 1095-C forms and supply copies to employees, or employees' tax refunds will be put on hold – a frustrating situation for employees and employers alike.
Before employers can file the mandatory 1095 forms, however, they must capture specific healthcare coverage data on their employees – a function that sets Smart1095 apart. "Smart1095's intuitive, wizard-driven design, as well as its data validation and automatic line 14/16 code calculations, streamlines a typically time-consuming process," says Howard Gerver, President of ACA Managed Services, the parent company of Smart1095.com. "The beauty of Smart1095 is its simplicity."
Through the partnership of efileACAforms.com and Smart1095.com, busy employers can more easily manage the entire ACA preparation and reporting process, as follows:
- Data gathering – The bulk of the necessary data exists in an employer's payroll system. After adding a few additional data fields, employers can upload the necessary data for easier administration.
- Data validation – The system flags issues to reduce data errors and possible IRS penalties. It also audits benefits eligibility to ensure inactive employers aren't receiving costly healthcare benefits.
- IRS code determination - The software-driven solution generates the appropriate coverage codes (line 14), monthly premium amount (line 15) and employee status code (line 16) for each employee for each month.
- Printing and e-filing – After the system transforms data into the necessary forms, employers can choose how they want their forms handled: Either downloaded as a PDF to print and distribute to employees, or mailed from a SOC-certified and HIPAA-compliant service center. The system also e-files the 1095-C forms (along with the 1094-C transmittal) to the IRS.
"We understand how stressful ACA reporting can be for employers," says Roddis. "By offering a comprehensive solution that combines data compilation and validation with e-filing, printing and mailing, employers can enter the 2017 tax season better prepared and less stressed."
Businesses must file 1095 ACA forms on the same schedule as W-2s and 1099s to avoid costly IRS penalties. Copies should be sent to recipients by January 31st, 2018 – and e-filed with the IRS by April 2nd.
For more than 30 years, our organization has worked with employers and companies of all sizes to help them complete their IRS information reporting requirements. While we have encountered a lot of changes over these years, the Affordable Care Act represents a whole new level of complexity and confusion. For many companies, ACA reporting is complicated by the number of departments and data sources that need to be consolidated. EfileACAforms.com was created to fill this gap, simplifying this process and offering a dedicated solution that clarifies reporting requirements and helps companies get the job done.
ACA Managed Services is a full-service ACA IRS Reporting, Hours Tracking, 1094/1095 Auditing and Letter 226J Data Support company that was started in 2014. Since that time we have emerged as one of the leading full service companies in the country as we have produced hundreds of thousands of 1095 forms for groups ranging from 75 to 108,000 recipients.
In addition to Smart1095, we also offer ACA consulting, data conversion, legal support, employee communications and contact center support for your employees. We also indemnify qualifying employers. ACA Managed Services is a sister company of HR Best Practices, a data-driven healthcare cost management company specializing in eligibility, medical claims and pharmacy auditing.