We saw that we could provide something to the industry as a whole to alleviate that administrative burden.
Houston, TX (PRWEB) September 30, 2015
Travisoft’s new TotalACA with TEN95 Reporting solution removes the fear of complying with 2015 ACA reporting requirements, including Code Sections 6055 and 6056, by tracking workforce analytics for Minimum Essential Coverage (MEC), preparing and filing Forms 1094 and 1095, audit data storage, and compliance support services. This solution comes to market to aid employers of any size, who have been left scrambling to find a way to comply with new reporting requirements and the amount of information, methods, and situations to be considered.
“Administrators and Employers alike have been left stranded. The payroll companies in the industry were unprepared to handle the sheer volume of employers that need help with the new filing, included in their shortcomings is the inability to gather the necessary information needed to file. They’re backlogged and having to turn customers away,” says Lauren Fischer, Travisoft’s Managing Director, “Many Administrators nationwide still do not have a solution when we are only months away from the deadline. Some are unsure of what to file, or even that they are required to file. We saw that we could provide something to the industry as a whole to alleviate that administrative burden.”
TotalACA with TEN95 Reporting was developed to fill a gap in the market, without an exorbitant price tag. Now, employers of all size can complete ACA reporting requirements with minimal time and resources. Employer and insured data from any payroll or benefits system is imported with an easy to use Excel template, and the system takes it from there. Track and maintain availability, eligibility, enrollment, and reporting via an interactive dashboard. Consolidate required information for covered individuals for annual reporting; generate Forms 1094 and 1095 with all required indicator codes, then file electronically with the IRS in the correct format.
1095 Reporting requires a large amount of data that employers must track throughout the calendar year, and provide in a single Form 1095-C filing to the IRS to comply with Code Sections 6055 and 6056. Form 1095-C includes information about the employer-sponsored coverage offered to employees, reported as indicator codes. These codes are complex and take into account whether an offer of coverage was made to an employee for each calendar month; coding for new hires and terminations; and reporting offers of COBRA coverage with respect to participants, dependents, and why coverage was offered. The same Form 1095-C must also be provided to full-time employees and COBRA participants to help in filing their taxes and to determine eligibility for the premium tax credit.
A copy of each 1095-C must be sent to employees by January 31st and delivered to the IRS on or before February 29th. Companies with more than 250 employees are required to electronically file copies with the IRS and submit a transmittal Form 1094-C by March 31st. The provision carries a penalty for non-compliance, called the Employer Shared Responsibility Payment (ESRP).
For more information on TotalACA and TEN95 Reporting, please visit http://travisoft.com/TotalACA
Travisoft invented COBRA administration software in 1986 and has been the market leader ever since. After adding Flexible Spending, Retiree Billing, Direct Billing, and the first cloud-based COBRA platform, Travisoft remains First in Benefit Solutions. Our scalable platform, T-COBRAWEB, allows COBRA administrators to provide unparalleled, customized COBRA administration service. Backed by a publicly traded company, our unique dynamic allows us to serve you with the personal care of a small business and provide the best service and support that can only come from being backed by a strong, experienced organization. That is what makes us First in Service. For more information on Travisoft’s solutions, please visit travisoft.com