ACA Reporting — Are You Prepared?
Under the requirements of the Affordable Care Act (ACA), there are a whole new set of tax reporting obligations for health insurers and large employers. In fact, this is the largest tax reporting obligation expansion since the W2.
Failing to track and report this sensitive data on time and accurately, to recipients and the IRS, can result in unhappy members, confused employees, and stiff penalties that can quickly add up as well as create other serious problems down the road. Building a secure solution in-house to achieve ACA compliance is a huge undertaking and requires a ton of internal resources. The Sovos ACA solution accurately, securely, and efficiently manages the entire ACA reporting process.
One great feature of Sovos ACA is that it requires no installation as a scalable SaaS technology. But, the best part about Sovos ACA? It’s extremely user-friendly while it helps you easily generate the proper 1095 Forms to recipients and transmit them to the IRS. Also important, Sovos ACA is built to adapt to any last minute regulatory updates or additions—which are monitored by our extensive Compliance Research Team—and quickly updated in the tool so your business remains compliant.
Want to learn more? Find more below on how our Sovos ACA solution can fulfill your organization’s unique tax compliance needs.