If you are giving some thought to printing your ACA Form1095C in-house, think again.
You have several other options. You can send your results formatted in the way required by the many tax filers and they will print and mail your forms. Most often these tax filers are also printing and filing W-2 and 1099 and they are at maximum capacity at year-end.. According to the IRS Publication 6961, there will be over 3.5 Billion information withholding documents processed by the IRS in tax year 2018. Read this as you being a small fish in a crowded pond.
At BenefitScape we handle the printing and mailing of your forms as part of an overall effort to assist you in providing timely accurate information to your employees and the IRS. Tax filers are essentially a mass printing facility. They do not advertise or warrant that they will help you with the accuracy and detail of your data. It’s simply not what they do.
The BenefitScape approach uses very sophisticated software called VeriTracACA©, that audits all of your data performing hundreds of checks to be sure it is compatible with the IRS requirements. In essence this preprocessing make sure that what you are sending to your employees and filing what the IRS is consistent with the actual data that represents your health plan offers and participation. By the way this is the context the IRS wishes to observe from your filing.
Not only does our VeriTracACA© software examine each item in the employee’s record, we provide you an overall snapshot of the levels of participation by full-time employees and your health plan on a month by month basis. This snapshot is valuable to your benefit managers, brokers who are aware of either the premiums or monthly counts of members of your plan. VeriTracACA© actually replicates the process used by the IRS to determine potential penalties and provides you with a potential penalty assessment result should this data be presented to the IRS.
Why is this important? Once the IRS receives your data and begins the penalty assessment process you are now in the process of having to defend yourself when in fact a good offense is always the best defense when it comes to the IRS.
What’s the bottom line? Anyone can print your ACA 1095 forms and eFile to the IRS; youcan even do it yourself? But for roughly the same cost to you, BenefitScape can provide you with both the printing, filing as well as the information you need to avoid unnecessary needless penalties.