After filing with IRS AIR for Tax Year 2015, many employers were surprised that they were no yet finished with 2016 Compliance. VeriTracACA highlighted the IRS published proposed regulations in the Federal Register on August 2, 2016. , This guidance clarifies what employers must do to correct any Tax Identification Number (TIN) errors.
BenefitScape solved this problem with a software feature called VeriTracACA© that implements the IRS guidance on the data verification and error correction effort required for ACA compliance. When implementing VeriTracACA©, reflecting the latest IRS guidance on the most common IRS AIR error i.e. “TIN Validation Failed”, BenefitScape has found that a substantial number of errors can be eliminated and need not be corrected, cutting the corrections effort substantially. The correction process is guided by VeriTracACA© which extracts the error data from the IRS AIR platform and then formats it in a fashion that allows its online correction and re-submission.
You can find more information regarding the Corrections phase here.
Leave your thoughts and comments below, we'd love to clear up any confusion you have surrouding the corrections process.