Affordable Care Act Reporting
Coastal Payroll, together with iSolved, is pleased to introduce our full reporting support for the Affordable Care Act.
- Multiple Standard Reports
- Sorting & Grouping
- Flexibility of Date Parameters
- Reports Produced in PDF and Excel
Beginning on January 1, 2015, employers employing at least 100 full-time equivalent (FTE) employees will be subject to the employer shared responsibility provision under section 4980H of the Internal Revenue Code. Employers who employ fewer than 100 FTEs are not subject to the employer shared responsibility provisions.
Employers with 50-99 full-time equivalents have been provided transition relief until January 1, 2016 and are not required to pay penalties for 2015 for lack of providing health insurance coverage.
Employers will determine each year, based on their current number of employees, whether they will be considered a large employer for the next year. For example, if an employer has at least 100 FTEs in 2014, the business will be considered a large employer for 2015.
ACA Affordable Coverage Determination Report – Enables employer to determine whether minimum essential coverage is affordable for each full-time employee, based on the currently prescribed safe harbor methods. Failure to provide affordable coverage could result in an Assessable Payment (for example, Play or Pay penalty).
ACA Full Time Look-Back Report – Enables employer to manage full-time status of workforce in accordance with the ACA’s standard of 30 hours per week. This impacts the ACA rules on waiting periods, eligibility for minimum essential coverage and Assessable Payments (i.e., Play or Pay penalty). Separated in two sections, the full look back report evaluates ongoing and new hires.
In addition, this report calculates the average hours worked for an employee in a given time frame and evaluates the average hours against the employee’s current ACA status. Employees that require an ACA status update, based on their average hours, are flagged on the report. The report will also identify employees under 26 and over 65 that may qualify for other coverage.
ACA Large Employer Compliance Test – Enables employer to determine if it is an Applicable Large Employer under the ACA for purposes of whether the Employer Shared Responsibility rules (e.g., Play or Pay) apply. This report will count the number of full time employees per month in a given date range.
ACA Plan Renewal Affordability Projection Tool – Used to determine whether a considered plan will be affordable to your population, prior to implementation.
Coastal Payroll will file IRS Form 1094: Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns and Form 1095: Employer-Provided Health Insurance Offer and Coverage on employers’ behalf as part of our full ACA reporting support.