Since the Affordable Care Act became effective in March of 2010 employers and their advisors have gone through many iterations of studying the legislation, waiting for guidance from the Federal Government on how to comply, listening to prognosticators predict its demise, learning about potential changes to the law, etc. We are now entering our fourth year of compliance with the Employer Shared Responsibility provisions, and all the IRS reporting and filing that comes with it.
As Tax Year 2018 enters the Homestretch, now is the time to have make sure you have a completed Checklist in your pocket and all your “ducks in a row” before the inevitable questions arise, or the unfortunate letter from the IRS arrives on your desk!
What’s an ACA Compliance Checklist?
An ACA Compliance Checklist is a tool to make sure you’ve got Compliance Covered. It helps guide you through how to:
- Review TY 2017 compliance and conduct a Penalty Assessment to know your potential IRS liability. You may want to include 2015 and 2016 in this analysis as well.
- Conduct a Penalty Assessment for TY2018 based on your current Health Plan, your offerings of coverage and enrollments, and your current employee contributions.
- Document your 2018 Health Plan's compliance.
- Understand the successes, mistakes, failures and cost of your TY2017 IRS Reporting and Filing efforts.
- Establish a Corrective Action Plan or a Process Improvement Plan to ensure TY2018 is painless and penalty-free!
- Engage early in 1095 actions.
- Decide on an inhouse or external 1095 reporting solution.
- Do a market scan and ensure you’ve got the right supplier, if an External solution is the most effective way to go, and maybe choose a supplier you see as a partner for success.
- Understand the best solution for eFiling your reports and associated 1094(s) to the IRS.
- Have the best process in place for managing the inevitable IRS eFile corrections.
- Put together a proactive IRS Response Pack for any IRS Letter 226J, CMS Marketplace Notices, or any Audits (Internal or External) that may arise in 2019.
BenefitScape is an End-to-End provider of ACA Compliance Solutions. We help organizations with any one of their compliance needs, or act as an outsourced arm of their organization for all of them. We are here to answer any of your questions and help we can. Contact us at (508) 655-3307, or firstname.lastname@example.org.
Click Here for a handy Checklist to make sure you or your clients are ready to go for TaxYear 2018!