ACA Reporting Solution Released to Cater to the Needs of The Staffing Industry
Greenville, SC (PRWEB) August 10, 2016 -- Now that the first year of ACA reporting is behind us many things are very apparent. At the top of the list of things that were learned over the past year sits the notion that when attempting to report to the IRS, the data must be correct. Not only must it be correct but it must be easily consolidated, collected, and formatted properly in order to avoid the headaches that can come along with reporting.
Last year, several industries found it more difficult than others to report. Among those industries who found the process challenging, the Staffing Industry sat at the top of the heap. Why was is so difficult for them to report accurately? The problem is found in the way that this industry typically calculates hire and termination dates in contrast with how the ACA expects them to report this information. To state it candidly, the ACA rules regarding how to calculate these dates does not match up with the way most staffing organizations operate their business.
Take this simple example into consideration. Employer xyz is in the Staffing Industry. Employer xyz then hires a new employee and places them on assignment. Let's then assume that the assignment ends after 4 months. The overwhelming majority of companies would continue to keep this person on their ‘books’ as an employee rather than go through the process of formally terminating them. What employer xyz typically does not know is that this methodology causes the ACA reporting to be completely wrong for this employee. What follows may be a penalty letter, as Employer xyz is on the hook for any inaccurate reporting submitted to the IRS.
So what is the solution to this problem? StaffACA has been created to provide just that, a solution to the problems faced by non-traditional work forces while attempting to complete their ACA reporting.
StaffACA works directly with clients to conduct ACA reporting services as well as provide employee tracking for non-traditional employers. When the time comes to complete the ACA reporting, they then integrate this information from a reporting standpoint to ensure all of your ACA reporting is accurate, and that's it.
Trent Hiott, ACA Reporting Service, https://ACAReportingService.com, +1 844-227-9883, [email protected]
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