Most Employers Not Prepared for ACA Reporting
Only 10 percent of 480 employers surveyed by PricewaterhouseCoopers L.L.P. and Equifax Inc. indicated that they already have an in-house or outsourced solution in place to track benefits eligibility of their full-time employees and submit annual reports to the Internal Revenue Service to document their group plans' compliance with the Affordable Care Act. The first reports are due in early 2016, but employers' reports must contain month-by-month data for each employee.
This is a huge concern, particularly for small to mid-sized employers, many of whom aren't even aware of the reporting requirements. While some reporting in the small employer segment may be done by a health carrier, employers still bear the ultimate responsibility for such reporting, both to employees and to the IRS.
Posted on April 28, 2015 by Gary B. Kushner, SPHR, CBP, President and CEO