Jun 11, 2015, 02:00 ET
CHARLOTTE, N.C., June 11, 2015 /PRNewswire/ -- iSolved ACA Reporting from Infinisource has been expanded to provide employers even greater relief from the brutal chore of compiling data and filing the forms required by the Affordable Care Act (ACA). Applicable Large Employers (ALEs) should have already been collecting and managing the necessary employee and benefit details to satisfy IRS Code Section 6055 and 6056 provisions and avoid potentially severe penalties next year.
This powerful new iSolved component will be offered to existing customers as an upgrade that gets implemented through an ACA Checkup, assessment and system configuration. New iSolved customers who choose the ACA Reporting option will find the capabilities already built into their installs.
It has been estimated that up to 90% of employers have not yet prepared to meet the significant reporting requirements. The ALEs — basically, employers with 50 or more full-time equivalent (FTE) employees during the previous year — must prove they have at least offered their employees minimum, affordable essential coverage. iSolved will help determine if the employer is an ALE, if the plans offered meet minimum essential and value coverage and if any affordability safe harbor options apply.
The population, production and filing of forms are other huge benefits of iSolved ACA Reporting. The program can easily access the required employee data and coverage criteria and generate and file the appropriate IRS forms. Forms 1094 and 1095 B and C must be provided to employees by February 1, 2016 (due to January 31 falling on Sunday) and filed with the IRS by February 29 for paper filing (due to leap year) or March 31 for electronic filing.
"The enhancement of iSolved's robust ACA Reporting will enable customers to easily compile the necessary data to comply with the new reporting requirements. With a few keystrokes, employers will be able to review data, preview forms and determine their ACA compliance," said Todd LaFever, Infinisource's President of Technology and Employer Services. "Developing ACA Reporting in iSolved was the next logical step."
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.
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