West Des Moines, Iowa (PRWEB) March 05, 2015
Reporting within the benefits arena is continually complicated. Add to that the rampant IRS administrative requirements and you've got a lot of harried employers and employees wondering what's what and lot of questions being asked. In a demonstration of client delight, Businessolver(R) is quick to offer the ACA Compliance Suite℠ that provides employers with tools for complete ACA compliance reporting.
The ACA Compliance Suite offers additional configurability via the Benefitsolver(R) platform with three essential ACA elements:
ACA StatusTracker℠ - Launched in 2014, ACA StatusTracker allows employers the ability to configure their own measurement, stability and administrative periods, track overlapping new hire and ongoing employee statuses, apply eligibility status directly to employee records, and monitor reporting related to ACA-tracking requirements.
Exchange Notification - Also launched in 2014, this service supports the distribution of the Notice of Exchange. Businessolver has crafted a modified version of the exchange notice that meets the notice requirements and simplifies the language so that your employees clearly understand their health insurance options.
New to the Businessolver's ACA Compliance Suite is the addition of 6055 and 6056 reporting to be filed in 2016 for coverage in 2015. The 6055 and 6056 reporting is inclusive of information related to which employees are enrolled in health insurance coverage (reported to employees via form 1095-C), as well as which employees were offered health insurance coverage (reported to employees via IRS form 1095-B or 1095-C).
Businessolver's ACA Compliance Suite is built to offer a flexible solution for clients. Each of its primary options (ACA StatusTracker, 6055/6056 Reporting and Exchange Notice) are sold à la carte, and clients have even more flexibility with 6055/6056 Reporting.
"There is a lot of confusion regarding the 6055 and 6056 reporting," said Businessolver Executive Vice President of Engagement & Excellence Rae Shanahan. "We created several options of support, from just storing the 1095-C data to actual transmittal of required reporting information to the IRS, for all employees and their dependents. We feel that approach offers our clients the best opportunity to solve for every ACA need."
IRS delays in releasing final forms and transmittal guidance has also created anxiety for large employers. "Many of our clients were very anxious about 6055 and 6056 given that the IRS hadn't released the final forms until February," said Shanahan. "As soon as the forms were released, it was our utmost priority to get the proper templates populated into the 6055/6056 Reporting component. With final forms provided, the lone remaining piece is IRS e-file guidance for transmittal of 1094 and 1095 data on behalf of our clients."
Businessolver is actively involved in IRS workgroups as the agency creates final transmittal guidance for form 1094 and 1095 data.
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About Businessolver: Since 1998 Businessolver has delivered market-changing benefits administration technology supported by an intrinsic responsiveness to client needs. It creates client programs that maximize benefit program investment, minimize risk exposure, and engage employees with easy-to-use solutions and communication tools to assist them in making wise and cost-efficient benefit selections. Founded and developed by HR professionals, Businessolver's unwavering service-oriented culture and secure SaaS platform provides measurable success in its mission to provide complete client delight.