The national uninsured rate reached an all-time low in 2022. Increased marketplace subsidies were just one part of the Biden Administration's push to increase health care coverage under the Affordable Care Act (ACA).
If ACA regulations apply to your business, you know the importance of ACA reporting. It's a critical part of compliance with the law.
ACA reporting can be complicated, though. You need to document the correct information and file reports accurately and on time. You need to stay up to date with changes to the regulations.
An ACA compliance management solution simplifies your ACA reporting. It helps you meet the filing requirements you reduce your risk of penalties from the IRS.
ACA Reporter is a leading ADP Marketplace solution from Points North. ACA Reporter can reduce the complexity of your ACA reporting. Learn more about ACA Reporter and the benefits of a solution from the ADP Marketplace.
The Role of Reporting in ACA Compliance
The ACA applies to businesses that had at least 50 full-time or full-time equivalent employees in the previous year. Applicable large employers (ALEs) must offer affordable health insurance. The insurance must provide at least:
- Minimum essential coverage, and
- Minimum value
Coverage meeting this definition must be available offered to at least 95% of full-time employees and dependents.
ACA reporting to the IRS and applicable state agencies is a yearly requirement. These reports provide proof that you offered ACA-compliant health insurance to all eligible employees each month.
You must submit forms 1094-C and 1095-C. Form 1094-C reports the IRS summary information for the employer. Form 1095-C reports information about each employee.
Typically, the deadline for filing these forms with the IRS is:
- February 28 if you file on paper, or
- March 31 if you file electronically
Failure to file your reports accurately and on time can result in fines and penalties.
Challenges with ACA Reporting
Compliance with ACA reporting requirements presents several challenges. The IRS and individual states have different deadlines and filing rules. They have different guidelines and penalties for non-compliance.
To comply with all the regulations, you first must determine the eligibility of your employees. Then you must ensure that you offer coverage that meets the criteria for affordability.
You must document all the necessary information throughout the entire process. Finally, you have to file your ACA reports accurately and on time.
If the IRS finds any problems with your reports, they will send you a penalty notice. You have a limited amount of time to gather the data to respond.
ADP Marketplace Benefits for ACA Compliance Solutions
ADP is one of the largest global providers of human resources management software and services. The company processes paychecks for one in six workers in the US.
ADP Marketplace is a digital storefront of HR solutions. These solutions integrate seamlessly with ADP. ADP and approved third-party partners develop the apps available in the marketplace.
Solutions from the ADP Marketplace have several benefits. They automatically sync your data between solutions. This streamlines processes and improves efficiency.
Data sharing between solutions reduces manual tasks for your personnel. It reduces the risk of errors.
The ADP Marketplace lets you adapt to changing circumstances more easily. You can add or remove features as your business needs change.
Advantages of ACA Reporter from the ADP Marketplace
ACA Reporter from the ADP Marketplace gives you several advantages over other ACA reporting solutions. It provides seamless integration with ADP Workforce Now and RUN Powered by ADP. You get a streamlined flow of data from your payroll system directly into ACA Reporter.
ACA Reporter is an intuitive, comprehensive solution. It includes federal 1095-C and 1095-B forms. The system uses automated code calculations, error mitigation steps, and IRS e-filing. It helps you comply with federal and state ACA requirements.
Customizable Data Tracking
ACA Reporter provides a configurable tracking tool. ACA Reporter monitors and tracks government and agency regulations and supports shared employee tracking.
Better Analysis and Insights
ACA reporting tools from ACA Reporter give you more than the ability to file complete and accurate reports. You gain valuable business insights.
You can see how ACA reporting impacts your business. You can make more informed decisions about:
- Administrative and stability periods
You can choose a course of action that minimizes liabilities.
ACA Reporter helps keep your organization in compliance. You'll receive a notification through your system dashboard if you fall out of compliance. The system will tell you the steps to take to address the issues.
Proactive penalty avoidance protects your business.
Improved Efficiency and Lower Costs
ACA Reporter streamlines your processes and improves efficiency. You avoid the need for additional staff to handle reporting and compliance. Your existing personnel can devote more time to your core business tasks.
Staying in compliance with the ACA helps you avoid costly penalties. You stay in compliance without paying more than necessary.
Expert Advice and Consulting
Points North has an experienced team to support you throughout the reporting process. These dedicated experts have provided compliance support to ADP clients for years. They can help you get the most from ACA Reporter.
If you have any questions or issues, Points North will ensure you get the highest quality service.
Implementing ACA Reporter from the ADP Marketplace
ACA Reporter is a market-leading tracking, reporting, and analysis tool for ACA compliance. It's convenient and comprehensive.
ACA Reporter includes all the current ACA regulations. Tracking capabilities are built in. As part of the ADP Marketplace, ACA Reporter integrates seamlessly with your existing ADP processes.
ACA Reporter can handle even the most complex business situations. You gain peace of mind knowing your organization will stay in full compliance with ACA requirements.
Contact Points North today for more information or a free demo. See what our ACA reporting tools can do for your business.