The market leading solution for Affordable Care Act reporting

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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.

“What we liked about Sovos is that you were service-oriented, we got timely responses, and your product’s ease of use. More importantly, after asking our programmer about building a solution internally, we discovered that the Sovos ACA solution is a bargain comparatively.”

– Sharon Broadwater, VP of People Support (HR), Savage

For Large Employers with 50+ FTE Employers

ACA legislation requires large employers (generally companies with 50+ FTE equivalent employees) to offer health insurance for qualifying full time equivalent employees, provide proof of coverage for employees to include with their individual tax returns, and report this information to the IRS.

Sovos ACA is designed to be user-friendly for anyone who may be tasked with compiling and reporting this data, from Finance and Accounting to your HR/Benefits department. Each step is easy and helps efficiently compile the data so you can populate the required forms for recipients and complete the necessary, secure transmittal to the IRS.

For Health Insurers

Also required by ACA, health plan providers must provide information to the IRS on the minimum essential coverage they offer. Like tax reporting requirements in the financial services industry, this requires aggregating vast amounts of complex data.

We help health insurers efficiently compile and report the data needed to provide their direct insured members accurate coverage information for their eligible employee and dependent recipients of large employers and any other covered populations.

Sovos ACA Infographic

The Secure Sovos ACA Solution

Easy Import

Our simplified import function allows your team to upload all of your data from any flat file (like Excel, XML, etc.) into our solution, and then map that data into the correct fields on the required forms. In addition, the next time any department in your business needs to import similar data, our tool already knows what to do with the information and how to populate the fields correctly.

Data Validation

Sovos ACA allows your team to proactively validate collected information before wasting time on rework. Incomplete or missing data fields are flagged by Sovos ACA, and the data can be corrected in real-time to generate an updated form that can be sent to the recipient or filed with the IRS.

Highest Level of Security & Flexibility

At Sovos, we hold ourselves to the highest security standards, while still maintaining a large degree of configurability for user permissions based on role, function, and data. Our priority is to help you collect and transmit this sensitive information securely and efficiently.

Corrections Made Easy

Sovos ACA allows your company to reprint or update current and prior year forms while tracking changes. You can then electronically submit and transmit the revised information to the IRS with the click of a button. All tax information and forms, for the current and prior years, are available whenever and wherever you need it.

Print and Transmit

Once all of your company’s data has been validated, it’s easy to send the required forms off to the recipients and the IRS. Click a button and you’re done, it’s that simple. Sovos ACA handles the printing and mailing of every form and we send the all-important secure transmittal to the IRS.

As the largest private filer of 10-series forms, Sovos Compliance has over 30 years of experience in tax information reporting. We build our solutions to help you save money and reduce risk. This way, you and your team can enjoy peace of mind knowing that you’ll remain compliant so your organization can focus on growing the business.

Are you ready to get started with Sovos ACA?

Additional Resources

Watch our video to help better understand the upcoming ACA reporting obligations