| WHAT IS YOUR STRATEGY FOR ACA COMPLIANCE?
Make Sure You Know Your Status and What's Required for 2015
Stiff penalties have been enacted to ensure employers meet the requirements of the Affordable Care Act. Reports for 2015 are due no later than February 28, 2016 (March 31 if filed electronically).
Even if your company is providing insurance, you must still prove it by filing mandated reports. Not filing will result in heavy penalties:
- For not filing any federally mandated ACA report, the penalty is $500 per required form, with a maximum penalty of $3 million.
- The ACA Sledgehammer Penalty is $173.67 a month per employee for each month that is not offered coverage.
- The ACA Tack Hammer Penalty is $260.50 a month per employee, for each month offered coverage was not deemed affordable or did not meet the ACA standard for minimum value (triggered when an employee who should have been offered coverage goes to an exchange and gets subsidized coverage).
Dynamics GP versions 2013 R2 and 2015 meet just some of the ACA requirements and will not produce electronic filing of 1095-C forms (required if you have more than 250 FTE's).
We encourage you to start exploring the additional products that will make reporting and monitoring requirements easier and more automated. Here's a chart that shows what features are available in GP.
Click to enlarge....
Please contact us if you have any questions about ACA reporting and the products available to supplement what's available in GP.
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