Everyone involved with year-end activities understands that the first week in January is very busy. It’s here that we wrap up all the processes make added corrections additions to the databases that are required and prepare for tax year 2017 processing.
The payroll and workforce -related processes of W-2 and 1099 have been around for a while and are usually in maintenance mode by this time. The new tax forms, form 1090 5C which is related to affordable care act reporting is the first new tax form in over 60 years and due to its complexity adds a new dimension to year-end processing.
If your payroll system or human capital management system is able to produce ACA related data we can pick it up from that point and run the business process forward.
Let us help!
Over the last several years many large payroll and human capital management vendors have released ACA modules. These software modules can be configured to interpret employment and employee benefit offers in order to create the various IRS codes that need to be filed via the IRS air system to complete the employer’s tax filing in connection with the affordable care act(ACA).
The output of these software modules is XML (Extensible Markup Language). The format of this data is carefully proscribed by the IRS and the technology requirements to be able to send these files to the IRS air system are also quite complex. We have developed a methodology to accept these files and produce all of the business processes that the company needs to be in compliance.
An explanation of this process and how we can help can be found at www.IRSair.com
If you need some more immediate to either print forms, mail them to employees or e-file with the IRS please contact Kim Phillips at 508-655-3307 or email Kim.Phillips@benefitscape.com