Ever since the Biden administration transitioned to power in January 2021, employers and brokers have been keenly evaluating the announcements and changes in the ACA landscape. President Biden has always been a staunch defender of the ACA, which means it is here to stay.
The update from President Biden as well as recent IRS correspondence indicates that all employers will need to re-evaluate past performance before selecting an ACA vendor.
What’s changing in the ACA landscape
The IRS has signaled that it is ending the ‘good faith’ standard for future years of reporting. The 2020 filing season would be the last year where this would apply. This means minor errors and honest mistakes in ACA filings will prove to be costly going forward.
There is also growing evidence that the IRS plans to penalize employers more stringently. Penalty notices and letters have been sent out to employers who have not taken ACA compliance seriously in the past. As the IRS has a history of coming down harder on repeat offenders, employers who have previously had issues with ACA reporting cannot risk another mistake.
The complexity of reporting and filing required by the ACA is expected to grow and become more expensive this year, with more amendments and state-specific variables being added into the mix.
That is why Accord's focus has always been on error-free data collection and impeccable reporting. We don’t ask you to rely on a good faith or best effort approach. Being an active part of the ACA reporting scene since its inception, we continue to diligently serve our customers and protect them from a myriad of penalties. We pride ourselves on the fact that none of our clients have received a Letter 226J, a Letter 5699, a Notice 972CG, or any other communication related to ACA non-compliance.
Is your current vendor ready?
If your current ACA reporting vendor is anything less than perfect, you must reexamine your ACA compliance strategy moving forward. Any IRS notice or letter you have received is a giant red flag that your current vendor is not ready for what is to come. Past penalty notices and letters make future appeals more challenging. This makes timely and accurate reporting absolutely essential moving forward.
How can we help?
Accord's system has meticulously audited tens of millions of Line 14, 15, and 16 monthly code combinations that clients have submitted to the IRS through its automated audit tool FormPatrol. Our system allow us to review and correct potentially problematic scenarios before the data is submitted to the IRS. FormPatrol has had a major role in keeping Accord’s clients in the clear from receiving penalties and notices from the IRS.
Our team has experience managing large client benefit data since the birth of the internet (Really!). We have the most advanced platform for auditing and automating ACA reporting processes, making Accord a very easy partner choice. Affordable, accurate and easy equals value for your bottom line.
Now, during a global pandemic, your business or your clients’ business cannot afford the risk of a substantial economic hit due to poor reporting practices, bad data or a partner who doesn’t take the ACA reporting process seriously.
With our affordable and accurate services, and our highly advanced platform for auditing and automating processes, we are easily your best partner choice for ACA reporting.
If your ACA reporting experience has been anything less than ideal or you need any other assistance with the ACA, please set up a time to talk with us.
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