Several months ago we announced an integrated software solution to help our staffing firm clients manage Affordable Care Act (ACA) compliance. The integration allows our full service payroll funding clients to remain compliant with ACA regulations without spending hours on administrative tracking.
Sounds nice, right? However, 2015 is in full swing and there doesn't appear to be a time machine to go back to 2014 and jump on the bandwagon. Well, the good news is that you don't need a time machine (sorry McFly). It's possible to minimize ACA penalties before the year gets any older. ACA penalties are assessed monthly, so making adjustments now can eliminate penalties for the rest of the year. (If your staffing firm isn't fully prepared for the impact of the ACA, be sure to read our other recent blog post on four ACA considerations for staffing firms in 2015). As for the software integration, here's just a few ways it could help your staffing firm: [more]
Receive automated weekly reports to determine if, and when, you need to offer health insurance coverage to your temporary employees. Identify in real-time who is eligible for coverage now, later, or not at all.
The reporting also helps provide protection against fraudulent claims. If you have an employee that goes to the exchange and claims they were eligible for coverage and not offered coverage, you will have the documentation you need to avoid hefty penalties and an IRS audit.
2016 Modeling Tool
Prepare for 2016. You may not be facing penalties in 2015, but the definition of an Applicable Large Employer changes in 2016 and so does the carve-out for calculating penalties. Use this platform as a modeling tool to identify your costs and risks for 2016 and make a plan for compliance
Sample Report: Employees in Stability Period
Sample Report: Final Determination by IMP
Sample Report: Upcoming Eligible Employees
For more resources, visit the Staffing Industry ACA Planning section of our website.
This article is made for educational purposes only, is not intended to provide specific legal advice, and should not be used as a substitute for the legal advice of a qualified attorney in your state. The information in this article may not reflect the most current legal developments, may be changed without notice and is not guaranteed to be complete, correct or up-to-date.