Are you compliant with ACA Reporting?
As you know, the Affordable Care Act (ACA) is complex and is the law of the land as of 2015 and for the foreseeable future. The ACA requires employers with 50 or more full-time or full-time equivalent employees to offer 95% of their full-time employees and their dependents health insurance that is affordable and provides minimum coverage. If you are such an employer, the ACA also requires you to annually file healthcare information with the IRS.
The IRS developed and began using the ACV System (ACA Compliance Validation) that automatically identifies companies that are potentially noncompliant. Since last November, the IRS has sent out 30,000 penalty letters (226J) just from the 2015 reporting year to employers who failed to comply, with some of these penalty assessments in the millions of dollars. The penalties will continue as the Congressional Budget Office has estimated that a total of over $200 Billion will be collected over the next 10 years.
To help you assess your potential financial exposure from this healthcare law, DDI Benefits has partnered with First Capitol Consulting, one of the best at helping companies comply with the ACA and avoid the risk of penalties.
DDI Benefits, working with First Capitol, is offering clients free assessments of their ACA compliance exposure.
- For those of you unsure if you must comply with the ACA, First Capitol will work with you to determine if you fall under the applicable large employer status, which is subject to the ACA’s employer mandate, and if so, what steps you need to take to comply with the law to minimize your penalty exposure.
- For those companies that have been filing ACA information with the IRS, First Capitol will undertake a free spot audit of your 1094-C and 1095-C forms for the 2015, 2016 and 2017 filing years to determine your potential penalty exposure and what steps you should take to reduce that risk.
We are very pleased to offer you these free assessments from First Capitol and hope you will take full advantage of them. Contact DDI to coordinate your free assessment. 503-206-5654
Here’s a link to helpful ACA blog acatimes.com/ and flyer.
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