How does ACA-Track make ACA reporting easier for businesses?

ACA-Track simplifies ACA reporting by automating the tracking of employee hours, eligibility status, and the generation of necessary ACA forms. The platform integrates seamlessly with payroll and HR systems to ensure accurate reporting and minimize errors, reducing the burden on businesses and helping avoid penalties.

What are the main ACA forms that businesses need to file?

Businesses must file IRS Forms 1094-C and 1095-C to report ACA compliance. Form 1094-C is the transmittal form, and Form 1095-C is the individual employee form. ACA-Track automatically generates these forms and ensures they are filed on time, making compliance straightforward and hassle-free.

How does ACA-Track handle variable hour and part-time employee tracking?

ACA-Track helps businesses track the hours worked by part-time and variable-hour employees, which is essential for determining full-time status under ACA rules. The platform collects data from multiple systems, such as timekeeping and payroll, to ensure that eligibility for health benefits is accurately assessed and tracked.

How does ACA-Track assist in error correction and IRS audits?

If errors are found during the reporting process, ACA-Track helps businesses correct them before submission. In the event of an IRS audit, all ACA compliance data is securely stored in one place, making it easy to retrieve and providing the necessary documentation to resolve any issues quickly.

What is an FTE and why is it important for ACA reporting?

An FTE, or Full-Time Equivalent, is a calculation used to determine whether a business meets the ACA’s requirement of having 50 or more full-time employees. This includes both full-time employees and the combined hours of part-time employees. ACA-Track helps businesses accurately calculate their FTE count and ensure compliance with ACA regulations.

ACA Reporting Without the Headaches

ACA Reporting Without the Headaches: Simplifying Compliance with ACA-Track

The Affordable Care Act (ACA) compliance process can be a daunting task for businesses, especially those with large or diverse workforces. Employers, particularly Applicable Large Employers (ALEs), must navigate intricate reporting requirements, manage complex data, and ensure that they meet IRS deadlines or risk hefty penalties. Fortunately, tools like ACA-Track make ACA compliance more manageable and stress-free. In this post, we’ll explore how ACA-Track simplifies the ACA reporting process, ensuring that businesses can stay compliant without the headaches.

What is ACA-Track?

ACA-Track is a comprehensive ACA compliance solution designed to handle all aspects of ACA reporting. This cloud-based platform streamlines the collection, monitoring, and reporting of employee hours worked, eligibility status, and insurance coverage. With integration capabilities for payroll, HRIS, and financial management systems, ACA-Track ensures seamless data tracking, accurate reporting, and easy access to compliance information in the event of an IRS audit.

In short: ACA-Track makes ACA compliance effortless.

ACA Compliance Made Easy with ACA-Track

Staying compliant with ACA regulations requires tracking various employee data points and submitting the correct forms to the IRS. Here’s how ACA-Track simplifies the entire process:

1. ACA 1095 C Monthly Line Code Audits

ACA compliance hinges on accurate data reporting. ACA-Track ensures that all hours worked by employees, especially those in variable-hour positions, are tracked and reported correctly. The system conducts monthly line code audits for Form 1095-C to ensure that any discrepancies or errors are flagged and corrected before filing.

2. Variable Hour Tracking of Employees

One of the most challenging aspects of ACA compliance is accurately determining which employees are full-time and eligible for coverage. ACA-Track tracks the hours worked by variable-hour employees—those whose work schedules fluctuate or fall below 30 hours a week on average—and ensures that they are treated correctly for ACA purposes.

3. 1094 C & 1095 C Federal and State Reporting

ACA-Track simplifies the reporting process by electronically generating the necessary forms—1094-C and 1095-C—and submitting them directly to the IRS. These forms are used to report offers of health insurance coverage and to determine whether an employer may owe any shared responsibility payments. The system ensures that reports are accurate, timely, and compliant with both federal and state regulations.

4. Electronic IRS Filing via XML

Once all the necessary data is collected, ACA-Track enables businesses to file their ACA reports directly with the IRS in XML format, ensuring a seamless and error-free filing process. This feature eliminates the need for paper filing, saving both time and effort.

5. Fix ACA Reporting Errors

Despite best efforts, errors can happen during ACA reporting. Fortunately, ACA-Track offers tools to identify and fix any mistakes before submission. If errors are discovered after submission, ACA-Track helps businesses correct and refile the necessary forms, reducing the risk of penalties and ensuring full compliance.

Features that Make ACA-Track Stand Out

User-Friendly Dashboard and Interface

Navigating ACA compliance is complex, but ACA-Track offers a customizable and user-friendly dashboard. Users can choose the data fields they want to see, arrange them in the desired order, and filter and group data for improved efficiency. With these features, managing ACA compliance becomes less overwhelming.

Snapshot Summary for Data Tracking

One of the unique features of ACA-Track is its “Snapshot Summary,” which maintains a historical record of employee ACA data. This feature allows businesses to view employee eligibility, hours worked, insurance status, and job records at specific points in time, ensuring accurate reporting over the long term.

Color-Coded Warnings and Alerts

For quick identification of errors or issues, ACA-Track uses color-coding to highlight warnings, unusual data, and discrepancies. This makes it easier for businesses to address issues promptly, ensuring timely and accurate reporting.

Flexible Configuration Options

Every business is different, and ACA-Track accommodates those differences by allowing users to configure the software to meet their specific needs. Whether it’s adjusting measurement, administrative, or stability periods, or configuring hours worked for FTE (full-time equivalent) calculations, ACA-Track offers flexibility that supports a wide range of reporting scenarios.

ACA-Track’s Approach to Data Security

In today’s digital world, data security is more important than ever. ACA-Track takes this responsibility seriously. The platform is hosted in a SAS 70 certified cloud-based data center and is compliant with SOC 2 Type 2 standards. Additionally, the platform encrypts personal identifying information and follows strict security protocols for all data transfers. With ACA-Track, businesses can rest easy knowing that their data is protected.

ACA-Track Pricing and Client Support

ACA-Track offers flexible pricing plans tailored to businesses of all sizes. Whether you’re a small business or a large enterprise, there’s a plan that fits your needs and budget. Plus, ACA-Track provides a dedicated Client Success Advisor to guide you through the compliance process and answer any questions you may have.

The Importance of ACA Compliance

As an employer, understanding and fulfilling your responsibilities under the ACA is crucial. Noncompliance can lead to penalties, costly fees, and even the risk of an IRS audit. With ACA-Track, you can ensure that your business remains compliant, avoiding potential pitfalls and protecting your company from unnecessary financial strain.

Penalties for ACA Noncompliance

Failing to comply with ACA regulations can have serious consequences. Penalties for late filings or incomplete reporting can quickly add up. For instance:

A penalty of $50 per return or statement if filed within 30 days late, up to a maximum of $194,500.
A penalty of $110 per return or statement if filed more than 30 days late but before August 1, up to a maximum of $556,500.
A penalty of $270 per return or statement for filings after August 1, up to a maximum of $1,113,000.

To avoid these costly penalties, it’s essential to stay on top of ACA reporting deadlines and ensure your data is accurate.

Why Choose ACA-Track?

ACA-Track offers a proven ACA compliance solution for businesses that want to avoid the headaches of ACA reporting. With its user-friendly interface, robust data integration, and dedicated client support, ACA-Track makes it easy to stay compliant and reduce the risk of penalties.

Here’s why ACA-Track is the right choice for your business:

Comprehensive tracking of employee hours, eligibility, and insurance status
Automated, error-free reporting to the IRS in the correct formats
Flexible pricing and dedicated support to fit your needs
Top-notch security to protect your data

If you’re ready to take the stress out of ACA compliance, visit ACA-Track and see how this powerful tool can simplify your ACA reporting process.

Conclusion

ACA compliance is an ongoing responsibility for many employers, but it doesn’t have to be a headache. With ACA-Track, businesses can streamline their ACA reporting processes, ensure they meet IRS deadlines, and avoid costly penalties. Whether you’re an ALE or a smaller business, ACA-Track offers a flexible and secure solution that makes ACA compliance easier than ever.