Since the ACA was signed into law, it has been further altered and fine-tuned with additional rules and regulations that have expanded upon the law. With all of these changes, don’t be left out in the cold. It can be chilling if you’re not ready. Here are some tips to get ready for ACA filing.
Did you know that new ACA requirements go into effect on Jan. 1, 2017?
The ACA’s new provisions become effective on January 1, so for fiscal year plans, the new rules go into effect on the first day of the plan year after January 1st. In preparation for the deadline, employers that offer group health plan benefits should make certain their plans comply with the provisions that become effective in 2017. This means examining and amending your plan and insurance contract provisions where necessary.
How should you prepare for ACA?
1. Identify misclassified workers operating as independent contractors.
The Department of Labor and the IRS have declared that addressing the problem of misclassified workers is a very high priority for both audit and enforcement directives.
2. Investigate the use of affiliated and controlled service group rules.
Employers under an umbrella as “related entities” are required to count employees as if they were employed by only a single entity. Controlled and affiliated service groups are frequently overlooked in this regard.
3. Examine leased and temporary employee agreements.
Treasury regulations under the ACA state that certain large employers may be subjected to penalties for workers who are “common law” employees, as defined by the Internal Revenue Code and payroll tax regulations.
4. Avoid readjusting insurance contract renewal dates.
The only consequence that may come from changing insurance policy renewal dates will be the requirement to comply by January 1, this includes non-compliant insurance policies that fund the plan into or through 2017. Employers of all sizes should avoid this.
5. Take time to model the effect of the ACA’s new mandates and penalties.
Modeling various scenarios will allow you to mitigate the impact of recent ACA’s changes, rather than being driven by them. Employers that have integrated time and attendance and payroll systems will better respond to the ACA’s mandates.
Stay Warm With Support Throughout
We’re here to help. APS has been examining ACA provisions and requirements closely since it was passed into law in order to ensure that we can create timely and meaningful solutions – providing the latest ACA information to make certain that our clients can maintain a transparent audit trail and are compliant with the ACA’s requirements. This is especially possible with our seamlessly integrated and streamlined systems. Learn more about how APS can assist with ACA here.
Don’t get left out in the cold with ACA filing. Be aware of the new date and the changes that will come. Need a friend throughout the process? Contact us here. Either way, we wish you a wonderful and warm winter.