Minnetonka, MN (PRWEB) January 27, 2015 -- WEA Trust, a not-for-profit insurance company in Wisconsin, has chosen to leverage the Affordable Care Act (ACA) reporting technology solution of Convey Compliance Systems, LLC.
The ACA individual health insurance mandate is now in effect, requiring all individuals to have minimum essential health care coverage. Therefore, individuals filing for tax year 2014, who did maintain qualifying health care coverage, will complete a new line on Forms 1040 and 1040EZ. This new line was added to maintain alignment with the ACA and Internal Revenue Code (IRC) 6055 and 6056. The question of whether individuals obtained qualifying health care coverage must be documented to the IRS for tax year 2014. This may be a challenge for many taxpayers because, during this transition to the new ACA-compliant filing requirements, providing individual health insurance coverage documentation for tax year 2014 (new IRS Forms 1095-B and 1095-C) is voluntary for insurance providers and employers. For insurers and employers, proof of coverage will not be made mandatory and subject to penalty until 2016 for the tax year 2015 income tax returns. It is anticipated, therefore, that this lack of documentation may cause confusion and frustration, leading to an increase in member inquiries made to insurers like WEA Trust.
Michael Quist, WEA Trust’s Chief Financial Officer, stated, “The Trust’s ability to fulfill our members’ needs, often before they’re even aware of them, is a key reason we continue to be the fastest-growing health insurance option for state and public employees. When I learned about the gap between individual and provider ACA tax information reporting requirements, the impact on our members and employees was clear and the decision to provide members with the optional 1095 reporting for the 2014 tax year was an easy one. We completed a thorough build versus buy analysis and surveyed the market, which resulted in our decision to partner with Convey. With Convey, we are able to reduce the duplication of efforts by having a single system for 1099 and 1095 reporting.”
Ray Grove at Convey stated, “Proactive organizations that take advantage of the beta year will ensure positive member experience while filing for their 2014 income tax returns. In addition, participating in the beta year allows organizations to test their internal processes without risking penalties and resolve any unforeseen issues before ACA reporting requirements go into full affect for tax year 2015.”
For nearly thirty years, Convey Compliance Systems, LLC has provided technology and services to improve compliance and reduce costs related to tax information reporting. Convey is at the forefront of the industry for providing third-party reporting technology and services to over 2,000 clients. In June of 2014, Convey merged with Taxware, a global provider of sales, use and value-added tax (VAT) software. Together, the two companies create a comprehensive portfolio of technology products and services designed to simplify tax compliance and mitigate risk.
Shae Givens, Convey, http://www.convey.com, +1 (978) 527-1122, [email protected]