The Affordable Care Act (ACA) has brought unprecedented changes to workforce management and compliance. Employers often underestimate the amount of time and expertise required to effectively manage ACA compliance tasks. ACA compliance tasks include data collection, calculating eligibility, completing tax forms and more.
The 2019 reporting year has brought yet another year of success to the thousands of valued clients that we serve. In 2019, ACA Management Solutions have:
managed the eligibility of over 50 million employees;
provided over 7.5 million 1095-C forms to employees; and
filed over 7.5 million 1094/5-C forms to the IRS on time, by the IRS deadline of March 31, 2020.
ACA Compliance is a Year-long Process
While the 2019 reporting season is behind us, the support that our clients receive does not diminish. ACA compliance is a year-long process, requiring ongoing maintenance and tracking of benefit eligibility. One of the most important tasks is ensuring offers of benefits are made on time. Equifax Workforce Solutions offers a full-service suite of products and compliance assistance, ensuring clients have the tools and support they need. Services include assisting with data submissions, compliance questions, and the annual reporting process. As an extension of our clients’ HR departments, Equifax Workforce Solutions helps alleviate the oftentimes frustrating and burdensome process of managing ACA compliance, and helps to better mitigate financial risk. In addition, Equifax Workforce Solutions began offering state reporting functionality for New Jersey and Washington D.C. This is another example of how Equifax is monitoring the needs of our clients and why Equifax Workforce Solutions continues to be an industry leader in providing ACA services.
We Can Help Reduce the Burden of ACA Management
Equifax draws upon years of experience in providing employers with compliance, tax, and other employment-related services to help manage Employer Mandate regulations within the ACA. With hundreds of specialized team members working to help support and improve our technology, employers have made Equifax a service provider of choice in helping simplify their ACA compliance management processes. Our award-winning technology securely collects and aggregates the data necessary to help you manage the complex regulations of ACA compliance. If your organization needs support in helping manage your ACA reporting for prior, current, or future years, contact the specialized ACA team at Equifax today.Equifax is not providing, and cannot provide, legal advice on any legal issues relating to ACA requirements. Your company should work with its legal counsel and other experts to make all determinations regarding specific ACA obligations.