In 2010 the Affordable Care Act (ACA), often referred to as “Obamacare,” was signed into law, providing more Americans with health insurance coverage that is affordable and meets a minimum value. Beginning in 2015, the ACA generated additional ACA reporting requirements for employers and insurance carriers pursuant to IRC Section 6055 & 6056. The IRS ACA reporting requirements apply to employers with 50 or more full-time employees.
Each client is assigned a dedicated account representative who is fully trained on all aspects of the ACA requirement. Our highly trained professionals will conduct a comprehensive assessment of your company’s health plan and employee workforce to truly understand your reporting needs. We provide a highly secure portal with robust proprietary software that will code the complex Form 1094-B, Form 1095-B, Form 1094-C, and Form 1095-C to meet the IRC 6055 and IRC 6056 reporting obligations. SPS/GZ’s ACA experts will thoroughly review the data prior to form creation, including a specific review for ACA penalty triggers. SPS/GZ accepts imports from all major payroll and HRIS systems. Clients can upload exports directly to our secure portal, and SPS/GZ will compile the necessary information to create, print, mail and file the applicable forms meeting all ACA deadlines and requirements.
Companies occasionally encounter challenges and errors when filing their ACA tax forms. One common mistake involves inaccuracies in the completion of forms such as the 1095-C, which provides information about healthcare coverage offered to employees. Errors may arise due to misinterpretation of complex ACA filing regulations, leading to incorrect or incomplete reporting of employee information, coverage details, or affordability calculations. This of course can trigger an ACA penalty in many cases.
Another prevalent issue is the failure to meet ACA deadlines, which can result in penalties. Additionally, inadequate record-keeping practices or reliance on outdated systems may contribute to discrepancies in reported data. To mitigate these errors, companies must work with an ACA reporting services provider with a thorough understanding of ACA requirements and experience with mitigating and resolving penalties. Beyond that, a business needs to maintain accurate records, implement effective data management systems, and allocate sufficient resources for ACA compliance efforts, including staff training and professional assistance when necessary.
