Why Businesses Need to Plan for ACA Compliance Now
2015 was a chaotic year for businesses trying to comply with the Affordable Care Act. Many businesses scrambled to file their ACA compliance documents even after the IRS extended the deadline from Jan. 31 to March 31. It’s only been a few months since the end of the extended 2015 reporting deadline, so you might think that you can relax and not worry about 2016 ACA compliance later this year.
Guess again. We’re already halfway through the year, which means the clock is already ticking on 2016 ACA reporting.
Many companies had horror stories of scrambling to complete forms at the last minute or finding out they couldn’t file forms electronically. The IRS has even taken steps to make 2016 reporting even tougher than last year, making it imperative that you get a head start on ACA reporting before it’s too late.
ACA Reporting Changes for 2016
If you had trouble with ACA reporting last year, the IRS made reporting even trickier this time around through some updates. Employers now have to offer affordable coverage to 95 percent of their full-time employees. In 2015, that threshold was only 70 percent. The IRS also increased affordability requirements for health benefits, going from 9.5 percent of household annual income in 2015 to 9.66 percent for this year.
One huge change is that the IRS will now start penalizing companies for incorrect forms, so you have to be both timely and accurate. In the inaugural 2015 filing year , companies were given a pass as long as the business made a good-faith effort to comply with the ACA. Effective 2016, you will have to be both timely and accurate with reporting in order to avoid penalties.
Don’t Wait Until it’s Too Late for ACA Reporting
Businesses won’t have a lot of time to adjust to the new ACA reporting changes. The reporting deadline is expected to be January 31. While the IRS gave businesses an extension for 2015, companies cannot rely on another extension without risking costly penalties.
Despite the new complexities of ACA reporting, businesses don’t have to carry that burden by themselves. Apple Growth Partners can help companies provide timely, accurate reporting documents so that they’re not scrambling at the last minute and hoping that the IRS pushes the deadline back.
Make Reporting Easier with an ACA Compliance Partner
Apple Growth Partners makes ACA reporting easier for businesses. With our ACA compliance reporting services, businesses don’t have to worry about coding, mailing out forms, or complications with electronic filing. All our experts need your team to do is gather the necessary employee information by the end of September and we can help you be ready for the January deadline.
Don’t need let the clock tick out on you this ACA reporting season. Whether you need an expert to simplify the process or want to free yourself and your business for other important tasks, contact Apple Growth Partners today about ACA reporting compliance.