Affordable Care Act Consulting
Would You Know If You're Not In Compliance?
The Affordable Care Act – or Obamacare – has ushered in many changes to the way your company addresses health insurance, and the target is always moving. Managing this particular regulation can be especially daunting, but you don’t have to take it on all by yourself. Our Affordable Care Act specialists can help you make sense of the requirements while helping you maintain compliance.
As Affordable Care Act consulting specialists, our role is to help you to look at your business’s new responsibilities from a financial perspective, helping you avoid some of the common pitfalls. As experts in our field, we regularly work insurance agents, attorneys and benefits advisors to help ensure that they’ve identified the best fit, at lowest cost and while optimizing premium benefits.
There are many ways our in-house team can help you adhere to complex Affordable Care Act regulations and avoid the large penalties associated with noncompliance.
Our Affordable Care Act Consulting Services
When we receive questions about the Affordable Care Act, our answers are never cookie-cutter. Why? Because a one-size-fits-all approach to Affordable Care Act regulations and compliance never works.
Instead, our Affordable Care Act team works with companies of all sizes to address the unique challenges that have resulted since being made to implement this controversial regulation. From servicing cutting-edge companies that are looking to provide their employees with the best benefits regardless of cost, to helping those overwhelmed by the complexity of Affordable Care Act regulations (and the cost associated with compliance), our team of experts have seen it all and have the answers you are looking for.
We are well-positioned to help small companies, large companies, companies that are price-sensitive and others that are looking to outsource Affordable Care Act compliance assistance.
Email or give us a call today to learn more.
Has your company recently been on a hiring spree? Or perhaps you’ve had to downsize your employee base. Did you know that your employee count affects your employer status in the eyes of the IRS? And this can be the difference between paying penalties or not.
What Is Large Employer Testing?
Large Employer Testing is conducted annually to determine if your company is considered a “large employer” under the Affordable Care Act. This test examines all employees employed by your company, as well as those employed by other companies, but still required to be grouped into your employee count. If, based on the testing, you average more than 50 full-time and/or full-time equivalent employees for a given year, the IRS will consider you to be a “large employer” the following year.
Why Is Large Employer Testing Important?
If your company is considered a “large employer,” you will be:
- Subject to a number of additional reporting and regulatory requirements
- For example, you must provide an employee that worked for you full-time for at least one month of the year with an IRS Form 1095-C in January of the following year. Individuals must submit information from Form 1095-C on their individual tax returns. It helps if you think of Form 1095-C as a W-2, but for health insurance.
- Accountable to the “pay or play” mandate
- You must either provide minimum essential health insurance coverage to full time employees or pay a penalty.
Should You Conduct Large Employer Testing?
If you employ 50 or more employees or if you think you may have less than 50 full-time/full time equivalent employees, it’s in your best interest to conduct the large employer testing. For some companies, it’s pretty clear to tell whether they’re a large employer and testing can be completed with a simple phone call to an Affordable Care Act expert. However, if more detailed testing is needed, there are a number of approved IRS methodologies. Some of these, which are often completed by payroll companies, use summary data that can result in false positives, concluding that you’re a large employer when you really aren’t. Don’t leave the fate of your business’s future to guesswork. Work with an Affordable Care Act specialist to know with certainty whether or not you’re considered a large employer by the IRS.
Affordable Care Act Business Strategies
Is your average employee count just over 50? Then you owe it to your business to get a second opinion. A more detailed look at your data may reveal a more accurate count, which can be used to prove that your business isn’t a large employer after all. If this is the case, you may not be subject to the additional reporting requirements and penalties.
There are also a number of other strategies we can advise you on and implement. Strategies that will help you modify your employee count in compliance with the Affordable Care Act to save you time and money moving forward.
Email Rea & Associates to find out how large employer testing could save your company hundreds or even thousands of dollars.
As part of our Affordable Care Act consulting services, we offer a Pay or Play Penalty Review. The “pay or play penalty” refers to the penalty companies that are considered large employers must pay to the IRS for not providing adequate insurance to their full-time employees.
During a Pay or Play Penalty Review, a team of Affordable Care Act experts will review your current employee census and how your business currently offers health insurance coverage to your staff. Specifically, we’ll review:
- Whether you’re providing essential minimum coverage that is minimum value and affordable.
- Whether you have affordability failures and, if so, which staff members are triggering those failures.
- How much you need to modify employee compensation or the employee portion of health insurance coverage to meet compliance requirements.
If triggered, how much would the pay or play penalty cost your company? Are there steps you can take today to avoid application of the penalty in the future? Don’t wait until it’s too late to find out.
Email Rea & Associates to discover how a Pay or Play Penalty Review could provide short-term and long-term benefits to your company.
With the existence of the Affordable Care Act, businesses are finding an increasing need for insurance and compensation review. Part of this review centers around your current health insurance plan with respect to your employees and what you offer or don’t offer them. Through this review, questions we can help you answer include:
- Are there other insurance options out there that might be a better fit for your particular situation? (Did you know that dropping insurance and paying the penalty into the system can, in the right circumstances, be a financial win for you and your employees? Ask how.)
- What are your options?
- Are you currently doing something that might result in trouble if the IRS were to audit you?
- How would your employees be impacted if you were to drop insurance, forcing them to go to the Exchange (Healthcare.gov) to get insurance?
- Would your employees be eligible for premium subsidies and, if so, how much?
By conducting a high-level insurance and compensation review of your current plan and several alternatives, you can feel confident that you doing your due diligence to get the best deal for your company and do the best thing for your employees.
Email Rea & Associates to learn more about how an insurance and compensation review could benefit both you and your employees.
Businesses and individuals alike have federal reporting requirements as it relates to the Affordable Care Act. And these reporting requirements can be understandably confusing to those who are not intimately familiar with the Affordable Care Act. This is where we really shine! Read on to find out more about the tax form assistance we offer to businesses and individuals.
Affordable Care Act Tax Help For Businesses:
Many payroll providers will require you to transfer your payroll over to them before they will even offer you their Form 1095-C preparation service. This often comes with a requirement to upgrade to higher priced modules or platforms, sign longer term contracts, pay for additional services beyond what you are looking for – and promises of “full data integration” and “push of the button form generation.” But does all of this make sense for your business, or could you be paying for unnecessary services and a myriad of headaches?
Rea & Associates is different, and here’s why …
Why Work With Rea On Your 1095-C Prep?
Rea & Associates is one of the few firms offering stand-alone Form 1095-C preparation service. Not only will we generate your 1095-C forms for you, we will help you to retrieve the data you already tracked and have access to or that you would have to retrieve from your insurance provider anyway. We won’t make false promises and we won’t charge you for services you don’t need.
Real People Delivering Real Results
We don’t believe in filtering our clients to phone banks full of people who specialize in reading scripts and delivering canned answers; and we won’t make you navigate your way through layers of automated command prompts on the phone just to speak to a real person. Rest assured that if you have questions along the way, you’ll be paired with a real person every time. And, you’ll have a direct dial to your advisor, which will give you access to an Affordable Care Act expert when you need them.
We stand ready to help – as soon as YOU are ready. Our service is as involved or light as you need it to be – and if you don’t want to pay for full data integration, tracking, or push button 1095-C generation, you don’t have to!
Affordable Care Act Tax Help For Individuals:
Because having health insurance is a federal mandate for all U.S. citizens, taxpayers are now required to provide proof of health insurance coverage when submitting their individual tax forms. If your employer offers health insurance coverage to you, they should provide you with Form 1065-C, indicating you have coverage. If, when submitting your individual tax forms, you fail to provide proof of coverage, you will have to pay a penalty as a result of the individual shared responsibility provision (or claim an exemption) for not having health insurance coverage.
Our Affordable Care Act experts can help you better understand the individual mandate while helping you avoid the shared responsibility payment moving forward.
If your employer does not provide coverage to you, and you fall within a certain range of household income relative to the federal poverty level, you may be eligible for a premium subsidy. Rea’s Affordable Care Act team can help you determine if you’re eligible and can provide a compensation projection for a premium subsidy or premium subsidy reconciliation.
Our 1095-C Form preparation services for businesses and Form 1040 preparation services for individuals are available nationwide. Email the ACA consulting team at Rea or call Joe Popp today at 614.923.6577 to discuss the level of service you are looking for.