ACA reporting is heading into its seventh year, yet, many organizations still face significant obstacles to meeting the requirements of the ACA’s Employer Mandate.
Under the ACA’s Employer Mandate, employers with 50 or more full-time employees and full-time equivalent employees are Applicable Large Employers (ALEs) and must:
- Offer Minimum Essential Coverage (MEC) to at least 95% of their full-time employees (and their dependents) whereby such coverage meets Minimum Value (MV); and
- Ensure that the coverage for the full-time employee is affordable based on one of the IRS-approved methods for calculating affordability.
Before you begin preparing for the upcoming 2021 reporting season, it’s important to assess the wellness of your ACA compliance processes — and we have just the tool to help.
Introducing ACA Vitals. This eight-question quiz can be completed in less than a minute’s time and provides a comprehensive score of your ACA compliance efforts and IRS penalty risk.
ACA Vitals is an easy-to-use resource that evaluates your organization’s composition information to identify any complexities that may create ACA compliance challenges. Details such as workforce composition, industry, number of data platforms used, measurement methods, locations around the country, and methods for determining affordability will be collected for evaluation.
Taking the time to assess your IRS penalty exposure with a tool like ACA Vitals will provide you with peace of mind come reporting time. Here’s why:
- By proactively identifying penalty exposure, you can correct any non-compliance issues
- You can begin building up a defense in the event of an IRS inquiry
- ACA Vitals can help you understand your risk areas and help you improve your ACA process, all before filing
IRS enforcement of the ACA’s Employer Mandate is ramping up and the agency is improving its process for identifying non-compliance, so it’s imperative to act now. It’s time to feel confident about your ACA filings and with ACA Vitals, you can.
If you need assistance coding your 1095-C forms for the 2021 tax year, download the Employer’s Guide to Coding ACA Form 1095-C.
