Complying with the ACA: Get Started on the Right Foot in 2016
Complying with the ACA: Get Started on the Right Foot in 2016

Complying with the ACA: Get Started on the Right Foot in 2016

Companies of all sizes are challenged to comply with the Affordable Care Act (ACA). Indeed, the obstacles facing employers are numerous: determining whether they qualify as a large or small employer, keeping track of their number of employees and understanding their obligations in terms of providing health care coverage.

Despite these challenges, and the pressing deadlines for filing with the IRS, many companies are still behind the curve in their preparations. Rather than fall farther behind or not know what they must do before it’s too late, companies should prepare for the year ahead starting today.

So how can companies get their ACA strategies right? Consider the following tips:

* Simplify benefits administration: Employers must show that they provide employees with the appropriate level of health coverage, by way of the IRS Form 1095-C. This document outlines the months during the year an employee was eligible for coverage, as well as the cost of the most affordable coverage under the company’s plan, in order to show that coverage was made available to employees. When equipped with an advanced benefits administration system, it becomes easy to simplify this process and ensure all necessary ACA data and payroll information are housed in a single spot to facilitate the proof of coverage requirement.

* Improve time tracking: Tracking variable-hour employees can be a challenge for many businesses. A Time and Attendance system that contains configurable dashboards and reporting to appropriately measure against each employee’s look-back period can dramatically improve ACA eligibility tracking while giving businesses the point-in-time information they need to efficiently control benefit costs.

* Find the right compliance partner: Ensuring compliance with the ACA—a complex, constantly changing law—is no easy task, even for the most diligent companies. That’s why partnering with a third party to help the process is a good idea. A good compliance partner is one that consolidates data needed for filing, keeps abreast of changes in the law and the effect it has on clients, and actively guides clients through the implementation of ACA reporting and filing.

* Adopt a unified system: To ensure a complete, compliant approach to contending with the ACA, companies will benefit from working with a provider that can facilitate all of the above. Paycor offers advanced ACA reporting software, leveraging unified systems that enhance each step of ACA management to achieve a comprehensive approach. From IRS filing, employee forms, hour tracking, benefits administration and more, Paycor helps its clients manage each step of the process appropriately.

As companies continue to struggle with the requirements of the ACA, it is important that they adopt the solutions that can streamline how they manage this new world. And those that go at it alone, or rely on disparate systems that don’t talk to each other, will only continue to face difficulty. However, with a unified approach that ties all important information together, companies can collect all necessary information throughout the year, and be well prepared to meet their 2016 ACA filing requirements.


Previous ACA Articles:

Managing the ACA Employer Pay or Play Penalties: The Best Path Forward
What Are the Reporting Requirements for the Affordable Care Act?
Preparing for the ACA: Are You Ready?

More to Discover

2019 HR & Compliance Web Summit: Executive Summary

2019 HR & Compliance Web Summit: Executive Summary

With 20,000+ registrations, this was Paycor’s biggest and best web summit yet!Industry experts like Jennifer McClure offered actionable insights and advice on all things HR, from self-care for the HR pro to in-the-news compliance issues. If you missed the live webinars you can watch them on our on-demand webinar page.In the meantime, here’s a quick overview of each session. 5 Steps to Become a Strategic HR Leader | Speaker: Lori Kleiman In today’s business environment only 20% of HR professionals interact with the executive suite. Lori Kleiman says it’s time to stop waiting for your gold embroidered invitation and finally take your seat on the leadership team. Ready to become a strategic HR leader? Follow this 5 step plan: Engage...

Payroll Risks and Controls: Everything You Need to Know

Payroll Risks and Controls: Everything You Need to Know

Believe it or not, running payroll is a risky business The IRS estimates that 40% of small to medium-size businesses end up paying a payroll penalty each year. Whether you’re a large organization or a small one, there’s always a risk of payroll errors leading to fines, penalties and sometimes litigation. Protect yourself from fraud and human error Businesses that run payroll on their own, especially small businesses, are at a much higher risk of being disrupted by fraudulent activity and human error. From ghost employees to hour padding to buddy punching, when a company lacks the appropriate internal controls to manage its payroll, it can run into big trouble. Here are 6 common payroll risks and controls you can implement to mitigate...

401(k) Match Limits 2019: What Payroll Administrators  Need to Know

401(k) Match Limits 2019: What Payroll Administrators Need to Know

It’s a relatively small change, but it’s a change for payroll administrators to take notice of. As of November 2018, your employees’ contribution limits for their 401(k) increased to $19,000 from $18,500. The increase raises the total annual contribution amount (employee plus employer contribution) to $56,000 or 100% of the employee’s salary if they make less than that. Most companies typically offer 3-6% in matching funds, but there is no limit to the amount an employer can contribute as long as the annual cap isn’t reached. 2018 & 2019 401(k) Match Limits Defined Contribution Plan Limits 2019 2018 Difference Maximum employee contribution $19,000 $18,500 +$500 Catch-up contribution for employees aged 50 or older $6,000 $6,000 No...

Webinar: October Web Summit - Compliance from Hire to Retire

Webinar: October Web Summit - Compliance from Hire to Retire

From managing recruiting compliance data to accurately tracking employee hours, you need a partner who can offer the right technology plus expertise to help mitigate risk. Register for this webinar to see how Paycor can help prepare you for all of the compliance challenges in managing the employee lifecycle!We will be reviewing these 4 major areas of compliance: Recruiting Hiring Payroll People Management Speaker: Brett BeilfussBrett has been the Senior Bank Marketing Program Manager for Paycor for the past three years. He works exclusively with Paycor’s Bank and CPA referral partners, whose aim is to help their clients mitigate risk.