BenefitScape Introduces ACATech Penalty Assessment Tool Saving Employers Thousands of Dollars in Erroneous IRS Penalties

NATICK, Mass., Dec. 31, 2018 /PRNewswire-PRWeb/ -- The IRS has issued billions of dollars in ACA penalty notices in 2018. IRS Letter 226J, the Employer Shared Responsibility Payment (ESRP) notices, were issued this year for Tax Years 2015 and 2016. Notices for 2017 and 2018 totaling billions more are expected to be issued in 2019. BenefitScape has helped employers avoid hundreds of thousands of dollars in unnecessary IRS penalties this year using our market leading ACATech Penalty Assessment module.

BenefitScape Introduces ACATech Penalty Assessment

The company introduced its Penalty Assessment (PA) module as part of its ACATech platform earlier this year. The software has proven to be an enormous success in saving employers cost, time, and effort in complying with the law by eliminating inaccurate ESRP penalties.

"Our Penalty Assessment (PA) module helps employers by evaluating past, present and future ACA compliance scenarios. It calculates all the required IRS 1095 Offer and Safe Harbors by month and allows us to quickly evaluate the proper treatment of individual scenarios and limit needless ESRP penalties", said Kim Phillips, VP of Client Services.

Market Leading Penalty Assessment Functionality
The PA module delivers analytical functions for Potential Penalties, tools to update and correct IRS codes and also model Updated Penalties. It produces updated IRS Form 1095's and Form 14765 Premium Tax Credit listing that are required to respond to the IRS notices.

"We've worked with employers that have received ESRP notices with penalties well into six figures," adds Ms. Phillips, "With ACATech's PA tool, we have consistently been able to significantly reduce those penalties, many times eliminating them entirely."

How it Works

The application's powerful tools and intuitive design enable the BenefitScape consulting team to quickly transform employers' data, whether pre or post IRS filing, and calculates the penalty scenarios:

• ACATech calculates all required IRS codes and potential penalties.
• The PA module provides the breakdowns by month that enable easy correction of inaccuracies
• Users can make code corrections and view updated penalty corrections in real-time.
• The system produces all the necessary forms and documentation necessary for the employer's response to the IRS.
• ACATech produces "IRS Ready" Forms 1094/1095 and Form 14765 PTC Corrections that are e-file and print ready as well.

The ACATech Penalty Assessment provides the proactive and reactive analytics employers need to ensure ACA compliance and maximize penalty and risk mitigation.

About BenefitScape
BenefitScape is the leading US Employee Benefits company to focus exclusively on employer compliance under the Affordable Care Act (ACA). This singular focus and our dedicated ACATech© platform enable us to free employers, with cost-saving efficiency, from all the pain, penalty risks, and resource burdens of ACA Compliance.

From performing an ACA Compliance Assessment, to Tracking Hours and Calculating Eligibility, through IRS coding and Reporting, to the final IRS E-Filing, we work seamlessly with any client set-up, all data formats, and at any stage or throughout the compliance process. And, we don't stop when reporting is complete. We assist in necessary corrections, any IRS 226J or 5699 responses, and establishing go-forward Risk Mitigation plans.

BenefitScape has worked with more than 300 clients since we implemented our ACA reporting and e-Filing in 2015. We have deep roots in Health Reform Compliance, extending all the way back to Massachusetts Health Reform in 2006. We assist clients of all sizes and business segments, and we have a 100% success rate!

SOURCE BenefitScape