Ensure compliance with the Affordable Care Act (ACA)
We understand the complexity behind this difficult legislation and have developed reports, tools and dashboards to ensure compliance with the Affordable Care Act (ACA). The Affordable Care Act can be broken down into three main parts:
- Determining the Applicable Large Employer (ALE) status
- Assessing whether employees are required to have healthcare and its affordability
- Reporting on forms 1095 and 1094 (B or C)
- Reduce practitioners’ administrative burden in determining wage levels
- Aid compliance regardless of company size
Precise Payroll’s complete ACA functionality will help our clients determine, assess and report back on their employees’ eligibility. Our ACA capability makes it easy to determine the impact ACA will have on a business.
What is the requirement?
Employers with 50 or more full-time employees plus full-time equivalent employees, must offer affordable, minimum essential coverage of minimum value or potentially be subject to tax penalties.
Note: Penalties will not be imposed in 2015 (and months in 2016 in the 2015 plan year) on employers with 50-99 full-time employees and full-time equivalent employees as long as those employers do not restructure their workforce or change their health coverage in 2014-2015. For employers with 100 or more full-time employees and full-time equivalent employees, transition relief applies for 2015 (and months in 2016 in the 2015 plan year) under which the employer will not be assessed the penalty if it offers coverage to at least 70% of its full-time employees.
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