- Tracking hours for a mix of full-time, part-time, and seasonal employees.
- Determining eligibility for healthcare coverage while managing other operational demands.
- Accurately filing Forms 1094-C and 1095-C with the IRS by strict deadlines.
- Comprehensive Data Collection: ACA-Track aggregates data from payroll systems, timekeeping platforms, and manual records, ensuring accurate tracking of employee hours.
- Eligibility Monitoring: Real-time alerts notify businesses when employees meet eligibility thresholds, helping them act proactively.
- Streamlined Reporting: The platform automates the creation and electronic filing of IRS forms, saving time and reducing the risk of errors.
- Error Management: ACA-Track identifies and resolves data inconsistencies during uploads, ensuring compliance accuracy.
ACA Compliance Made Easy for Small Businesses
For small businesses, maintaining compliance with the Affordable Care Act (ACA) can be a daunting task. With limited resources and staff, managing employee hours, monitoring eligibility, and generating accurate IRS reports can seem overwhelming. ACA-Track provides a simple, effective solution tailored to meet the unique needs of small businesses, helping them stay compliant without the added stress.
What Is ACA Compliance?
The Affordable Care Act, commonly known as Obamacare, was signed into law in 2010. It introduced a set of regulations to improve healthcare access, affordability, and quality. One major component of the ACA is the Employer Mandate, which applies to businesses classified as Applicable Large Employers (ALEs).
An ALE is a business that has 50 or more full-time or full-time equivalent (FTE) employees. These employers are required to offer affordable health insurance that meets minimum essential coverage (MEC) standards to at least 95% of their full-time employees and their dependents. Failing to meet these requirements can lead to significant IRS penalties.
Challenges of ACA Compliance for Small Businesses
Small businesses face several challenges in meeting ACA requirements, including:
These complexities make it essential for small businesses to have an efficient, reliable compliance solution.
How ACA-Track Supports Small Businesses
ACA-Track simplifies ACA compliance with features designed to address the specific needs of small businesses:
Dedicated Support for Small Businesses
Small businesses using ACA-Track benefit from dedicated account managers who provide personalized support for all compliance needs. From data uploads to resolving IRS errors, ACA-Track’s experts ensure a smooth compliance experience.
The platform’s intuitive dashboards make it easy for business owners to manage compliance data efficiently, freeing them to focus on growing their business.
How to Get Started with ACA Compliance
If you’re a small business owner unsure where to begin, the first step is to determine whether you qualify as an ALE. Calculate your total number of full-time and full-time equivalent employees. A full-time employee is anyone who works at least 30 hours per week, while FTEs are calculated by combining the hours of part-time employees.
Once you know your status, follow these tips:
Implement a reliable tracking system: Track employee hours carefully to determine eligibility for health coverage.
Choose compliant health plans: Work with an insurance broker to select plans that meet ACA standards for affordability and coverage.
Meet reporting deadlines: Stay aware of annual filing deadlines for Forms 1095-C and 1094-C.
Use compliance software: Invest in a platform like ACA-Track to manage reporting and tracking more efficiently.
Stay informed on ACA updates: Healthcare regulations can change. Keep up to date with new developments to maintain compliance.
Secure and Scalable
ACA-Track prioritizes data security with encrypted storage and SSAE 16 SOC 2 compliance, giving small businesses confidence in their compliance solution. Its scalable features make it suitable for businesses of all sizes, ensuring it grows with the organization.
