Webinar: Wednesday | August 20 | 1PM EDT
Think you still have plenty of time to prepare for ACA? Think again.
You already know that managing look-back measurements is critical to accurately determining who’s eligible for coverage under the ACA. But did you know that look-back measurements also play a critical role in complying with IRS reporting requirements?
It’s what you do in 2014 that will determine the ACA penalties that your business could face for 2015. As a result, it’s imperative that you understand where your greatest compliance risks exist. For most organizations, the greatest risk lies in two main areas:
Determining eligibility: With different types of employees such as variable-hour, temporary, part-time, and seasonal workers, tracking hours and determining eligibility for each employee can become an involved process. And because every employee has a unique initial, administrative, standard, and stability period, you must be prepared to calculate multiple look-back measurements for each individual.
Reporting to the IRS: Determining who is eligible is just the beginning. Starting in January 2015, employers must start capturing a monthly snapshot of each employee’s full-time/part-time status, details on whether or not the employee was offered coverage, and proof that the coverage was affordable. This information will be used to enforce the individual and employer mandates and must be submitted to employees and the IRS in an accurate and timely manner.
Join legal and legislative experts as they take a deep dive into these compliance risks, share best practices for ongoing ACA management, and discuss a few processes you can put in place to ensure your organization remains compliant today and in the future.
Tom Dowling, Partner, Stinson Leonard Street LLP
Kristin Lewis, Director of Product Management, Equifax Workforce Solutions
Contact us to learn more about our award-winning ACA Management Platform.