Tax filing deadlines are always periods of time that cause a lot of stress to employers, not in the least because there are often changes to reporting requirements. Consider, for instance, the Affordable Care Act or ACA. Not only do employers now have to file there W2 and 1099 each year, if they have over 50 full time employees they also have to complete 1095-c to the IRS. Unsurprisingly, it is important for businesses to find the best ACA reporting services for employers. Doing so will guarantee compliance with the relevant rules and regulations. However, this then raises the question of how to find the best reporting services because there are so many out there.
How to Find the Best ACA Reporting Services for Employees
The reporting guidelines under the ACA are quite significant and they have very tight deadlines. You also have to make sure you get the information from various departments within the organization and it is likely that you will require some sort of professional assistance for this. It is also for this reason that it is better to outsource it through ACA reporting services. There are four key things that you should look for, being:
- Whether the company has a lot of experience. They should have a significant background in completing these types of filings and therefore understand regulatory changes, deadlines, filing requirements, and more. Well there is something to be said for giving an underdog or newly starting company a chance, you should never take risks with IRS reporting requirements.
- Whether the company is fully compliant. You need to find out whether the IRS has authorized them to complete the relevant tax forms. Late or incomplete filings have very serious consequences, including a hefty fines and penalties. You can avoid this by checking whether the IRS has authorized the business to work on the relevant forms.
- Whether the company is secure. Almost all reporting requirements cannot be fulfilled online and it is unlikely that you will need to have someone in house to complete these filings. However, there is also always risk associated with sharing data online and since ACA reporting is in relation to any personal and sensitive data, you do have to make sure that the company you want to work with can’t keep all those details secure.
- Where the company supports you. You cannot be expected to have an in-depth understanding of ACA reporting requirements and other IRS policies, procedures, rules, and regulations. If you did, then you wouldn’t need to outsource the filing requirements in first place. That being said, it is important that you have a baseline of understanding of the requirements yourself and the company you want to outsource to should be more than happy to answer any questions you may have and help you understand what is happening.
With these four top tips, you should be able to find the best ACA reporting service for your needs. Remember the importance of being compliant with all rules and regulations at all times. That should be the baseline of your search.