ACA compliance is not only about ensuring that your employees are offered the right healthcare coverage; it’s also about meeting the stringent reporting and tracking deadlines that the IRS sets each year. For many businesses, this can be an overwhelming process, especially when managing large, diverse workforces or dealing with changing rules and regulations. ACA-Track provides an all-in-one solution for managing ACA compliance, giving you the tools to stay ahead of deadlines, ensure accuracy, and avoid costly penalties.
The Challenge of Meeting ACA Compliance Deadlines
ACA compliance comes with strict filing deadlines, and missing or submitting inaccurate forms to the IRS can result in significant penalties. These include penalties for failing to file or furnishing incorrect forms, which can quickly add up and create serious financial consequences for businesses. Some of the common challenges businesses face in staying compliant with ACA deadlines include:
- Tracking Eligibility and Hours Worked: Employers must track the hours of all employees, including full-time, part-time, and variable-hour workers, to determine their eligibility for health coverage. If you fail to track hours correctly, you risk missing the eligibility window for certain employees.
- IRS Filing Deadlines: Employers must submit Forms 1094-C and 1095-C to the IRS by specific deadlines, and these forms must be accurately filled out with up-to-date employee data. Late or incorrect filings can lead to penalties, which can be costly.
- Data Consolidation: Data is often spread across multiple systems, such as payroll, timekeeping, and HRIS. Consolidating this data for reporting can be time-consuming and prone to human error if done manually.
How ACA-Track Helps You Meet ACA Compliance Deadlines
ACA-Track is designed to automate and streamline the entire ACA compliance process, from data collection to reporting, helping you meet IRS deadlines without the stress and risk of penalties. Here’s how ACA-Track ensures you stay ahead of important deadlines:
- Automated Data Integration: ACA-Track automatically integrates with your payroll, timekeeping, and HRIS systems to collect employee data in real time. This eliminates the need for manual data entry and ensures that your reports are always up to date.
- Real-Time Eligibility Tracking: ACA-Track continuously monitors employee eligibility thresholds, providing real-time alerts whenever an employee meets the ACA eligibility requirements. This allows you to make timely decisions and track employee status before deadlines hit.
- Automated Form Generation: ACA-Track generates Forms 1094-C and 1095-C automatically, ensuring that they are filled out accurately with the right employee data and ACA codes. This takes the guesswork out of IRS reporting and ensures that your submissions are error-free.
- Built-in Error Detection: ACA-Track automatically checks your data for errors before submission. If any discrepancies are found, you’ll be notified immediately, allowing you to make corrections before the IRS receives your reports. This proactive error detection reduces the risk of penalties and rework.
Features That Help You Stay on Track
ACA-Track offers several features that make managing ACA compliance easier and more efficient, helping you avoid last-minute scrambling as deadlines approach:
- Customizable Compliance Dashboards: ACA-Track allows you to create a personalized dashboard that provides you with a clear, at-a-glance view of your compliance status. You can track key metrics such as employee hours, eligibility, and form completion progress, all in one place.
- Automatic Alerts for Deadlines: ACA-Track sends automatic reminders for upcoming deadlines, whether it’s the deadline for filing Forms 1094-C and 1095-C or the deadline for submitting error-free data. These reminders help ensure that you never miss an important filing date.
- Real-Time Error Monitoring: ACA-Track continuously scans your data for potential errors and discrepancies. The system flags errors before submission, ensuring that you can correct them promptly and avoid any issues with the IRS.
- Dedicated Support: With ACA-Track, you’ll have access to a dedicated account manager who will guide you through the ACA compliance process. Whether you have questions about the reporting process, need help correcting errors, or require assistance with system setup, your account manager will provide personalized support.
Why ACA-Track is the Right Choice for Your Business
ACA-Track is more than just a compliance tool—it’s a complete solution designed to make ACA compliance simple, accurate, and stress-free. With ACA-Track, your business can:
- Save Time and Resources: By automating data collection, tracking, and reporting, ACA-Track eliminates the need for manual work and reduces the time spent on ACA-related tasks.
- Reduce Risk of Penalties: ACA-Track helps you stay on top of important deadlines and provides the tools you need to submit accurate forms to the IRS. This reduces the risk of costly penalties caused by missed deadlines or incorrect reporting.
- Improve Operational Efficiency: By consolidating all your compliance data in one platform and providing real-time tracking and error detection, ACA-Track streamlines your processes and ensures accuracy across the board.
- Stay Ahead of Changing Regulations: ACA-Track automatically updates to reflect the latest changes in ACA regulations, so you don’t have to worry about keeping up with new requirements. The platform ensures that your business is always compliant, no matter how regulations evolve.
Get Ahead of Your ACA Compliance Deadlines Today
Don’t wait until the last minute to start thinking about ACA compliance. With ACA-Track, you can stay ahead of deadlines, track eligibility in real time, and submit error-free reports to the IRS. ACA-Track’s automated solution makes it easier than ever to ensure compliance and avoid costly penalties.
If you’re ready to take control of your ACA compliance and never miss another deadline, ACA-Track is the solution you need. Contact us today to learn more about how we can help you streamline ACA compliance and protect your business from penalties.