Has your company starting preparing for Affordable Care Act reporting? I know, I know; no one’s looking forward to it. In fact, I think I hear a few groans every time the subject comes up. But, trust me, it’s better to prepare now than suffer the consequences of waiting until the last minute.
It can be very costly to file ACA reporting late or incorrectly. In fact, penalties can range from $250 – $3,000 for each incorrect case. HR professionals know all too well that last year’s reporting was a bit of a challenge but, with some proactive planning, reporting can be completed on time and compliant with all the requirements. Delaying the project or ignoring errors won’t make them go away. Regular reconciliation and frequent checks are crucial for avoiding costly surprises.
This past year, a number of Versique’s clients needed critical help filing ACA reporting correctly. Versique HR Consultants prepared ACA documentation by mining data from HRIS systems, filed appropriate 1094-B, 1095-B, 1094-C, and 1095-C forms based on employee and employers criteria. They also set up appropriate tracking internal documents and project managed the process from beginning to end.
When it comes to ensuring you file correctly, “best faith” efforts will help, but with the help of a Human Resources consultant, reporting can be organized and completed without any panic whatsoever. It’s time to take action; make sure to check the integrity of your data and be ready!
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