Tax Leaders Ramp Up for New Affordable Care Act Reporting Requirements
Beginning January 2016, the Affordable Care Act (ACA) Employer Shared Responsibility Rule, under IRS Code Sections 6055 and 6056, will require employers to file annual information returns with the IRS and deliver employee statements with health plan coverage information. This new reporting requirement is in addition to capturing health care costs on Form W-2.
The impact of these changes will be tremendous. In fact, experts estimate that 300 million new tax forms will be filed in the upcoming season. ComplyRight Distribution Services-comprised of TFP Data Systems and Apex Business Systems-is keeping close tabs on these developments and actively preparing for this emerging sales opportunity.
"We are in communication with the IRS and other experts in the field so we are on the forefront of the latest developments," said Richard Roddis, president. "These reporting requirements are extremely complex, but it's going to happen. And we're perfectly positioned to help our partners take advantage of this opportunity with a full line of products and services."
Key among these are the paper forms used to report health plan coverage under the ACA, including the 1094-B, 1094-C, 1095-B and 1095-C. These new reporting requirements will mostly impact health insurance companies and businesses with 50 or more employees (Applicable Large Employers or ALEs), as well as payroll providers since many employers will outsource this function.
In addition to manufacturing and distributing the forms and corresponding envelopes, ComplyRight Distribution Services will offer:
- ACA print-and-mail services in its secure, SOC-certified facility
- Sales tools and guides to support and maximize sales
- ACA forms design and consultation for seamless software integration
"We are currently working with leading software programs to create standardized formats of the forms," said Christian Ferris, product development director. "Further still, we are developing proprietary ACA software to produce and print the forms for those customers preferring an easy-to-use electronic solution."
Although much confusion surrounds these new laws, ComplyRight Distribution Services is carving out a clear path. "Helping our resellers navigate the complexities of regulatory compliance is our primary goal," Roddis said. "We're doing the work so you don't have to. And the result will be a significant lift in sales."
About ComplyRight Distribution Services
Comprised of TFP Data Systems and Apex Business Systems, ComplyRight Distribution Services is the leading provider of government-compliant products and services-tax forms and software, W-2 and 1099 e-filing services, health insurance claim forms, labor law posters and more-for print brokers, dealers, distributors and resellers. With more than 45 years of experience, ComplyRight maintains relationships with numerous government agencies to ensure full compliance of product lines. The company has manufacturing locations in California and Pennsylvania, and distribution points in Minnesota and Florida. For more information, visit www.complyright.com.