After the first reporting cycle for the Affordable Care Act, SyncStream has redesigned its suite of ACA compliance and reporting solutions.
The software suite is a business management solution for employers who need to comply with the ACA. The tools track employee hours to determine whether they are full-time workers as defined by the ACA; aggregate that data and assemble reports; and populate and generate the 1094-B, 1095-B, 1094-C, and 1095-C forms to meet IRS requirements. There are 88 possible code combinations on lines 14 and 16 of the 1095-C that could be applied to each employee every month, and the software automatically prompts the user to use the correct ones.
A key addition in this redesign, explained chief innovation officer Arthur Tacchino, is the added reporting module that gathers all the critical employee data and runs business logic against it to populate the forms. The software also now prompts users to make data-based decisions through the “lens” of the ACA, Tacchino said. This was one of the changes spurred by the struggles employers faced during the first tax reporting cycle.
“With more than 20,000 pages of regulation, the ACA is easily one the most onerous compliance challenges since the introduction of ERISA,” Tacchino said in a statement. “For all purposes, 2015 was the preseason for ACA compliance. You had to play, but the outcome had little impact on employers due to the IRS’s ‘good faith effort’ standard and leniency in the first reporting year. Now the real season has begun, and the risks are higher and the penalties greater. But most companies can’t fathom the complexity and nuances of these requirements. We have in essence created a foolproof workflow that prompts, informs, and alerts users to the correct and accurate way to comply.”
For more information on the SyncStream solution, click here.
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