Employers Shouldn’t Wait Until 2015 to Prepare for Affordable Care Act Reporting Requirements

US employers have been sorting through the regulations of the Affordable Care Act for months now, determining which parts of the law apply to them, when certain requirements are due, and how to manage the costs. And while the information reporting requirements and the Employer Shared Responsibility provisions have been delayed until 2015, the IRS is encouraging employers to begin measuring and reporting in 2014 in preparation for full implementation. Other provisions of the law are already required, such as Employer Notice to Employees of the New Health Insurance Marketplace, W-2 Reporting of Aggregate Health Care Costs, and a 90-Day Maximum Waiting Period. (For a complete list, visit: http://www.sba.gov/healthcare.)   

Experts across the country tell us that employers need to use 2014 as the test year for compliance. This is the opportunity to outline your strategy and implement compliance. The liabilities are significant. Employers are likely to be subject to tax liabilities when employees go to the Marketplace and receive a subsidy. It will be the responsibility of the employer to prove whether or not the liabilities apply them. With careful strategic planning and record keeping, employers can be ready to respond when these notices arrive or even an associated IRS or Department of Labor audit. 

Unfortunately, most current payroll systems or internal spreadsheets really do not meet the comprehensive requirements of the ACA. As the regulations are further hashed out, evolving requirements will compound this problem. However, there is a solution that can be used with existing payroll systems to address the requirements and plan for the future. The ACA Dashboard is designed to accept payroll information in the form of a data upload or a scheduled integration (for certain payroll systems (including Microsoft Dynamics ERP products) and providers.) The result is an ongoing tracking and reporting solution that allows employers to actively manage compliance, mitigate costs, and plan for the future. 

What’s your plan?

Attend a free webinar on the ACA Dashboard on January 21, 2014 2:00 PM CST. Click here to Register.

By AIM Technologies, Microsoft Dynamics GP Integration Specialists