Nearly 50,000 employers at risk for ACA penalties
Address compliance with a benefits platform
Accounting Today reports that of the 318,296 organizations that are required to offer health benefits through the Affordable Care Act’s employer mandate, 49,259 are at risk for compliance action by the IRS.
At least 30,000 penalty assessment notices have already been issued to employers for compliance issues related to the Affordable Care Act.
This news illustrates that despite some changes brought about to the law by President Trump’s administration, much of the law is still standing, and employers should keep a close eye on their compliance to avoid costly penalties.
In particular, a benefits platform can improve compliance in the following ways. Bernard Health clients have access to BerniePortal, an all-in-one benefits and HR platform. Learn more about BerniePortal here.
BerniePortal provides solutions for both reporting and filing 1094-C/1095-Cs. The IRS has granted BerniePortal a Transmitter Control Code for electronic filing of ACA information returns—required for groups filing more than 250 1095-Cs. Since all benefits information is stored in BerniePortal, data entry and third party applications are no longer necessary.
Notice of coverage
Employers are required to provide notice of coverage options about the health insurance marketplace. BerniePortal’s Notices feature makes it easy to publish important information, and employers can require employee signatures to ensure acknowledgement.
Employers are required to keep pertinent documents for several years. Employee records, compliance reports, and benefit records have to be kept for years, and the documents also have to be stored separately by category. BerniePortal has the ability to compartmentalize employee documents for easy access. Further, storing these documents online removes the risk associated with paper copies, which are more susceptible to loss in natural disasters, building accidents or other situations.
To learn more about adopting HR technology, download “The Employer’s Guide to Adopting HR Software” here. To learn more about BerniePortal, click here, or schedule a consultation with a Bernard Health advisor by clicking below.
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