Staying ACA compliance is a tedious process for employers and this is the time of year to get started. If you fail to meet the ACA reporting requirements by today, then you may face huge IRS penalties for tomorrow. Understanding the stress that comes with your ACA reporting, we at ACAwise designed an e-filing software that brings you the best features that help you to easily meet the 2021 ACA Reporting Requirements and save your time from the mammoth ACA reporting process.
The following are the best features that simplify your ACA reporting process from data handling, forms creation to IRS e-filing and form corrections.
10 Best Features of ACAwise’s ACA E-filing Software
ACAwise’s ACA E-filing software comes with powerful features that help you stay focused on your work and maintain compliance with the changing Affordable Care Act (ACA) regulations.
ACA Code Generation (Line 14, & 16)
Form 1094-B/C and 1095-B/C Generation
IRS E-Filing through AIR System
Data Handling
To e-file your tax year 2020 ACA forms with the IRS, our e-filing software allows you to input your employee’s ACA information to us in multiple ways such as file upload, API, and custom programming.
The data you share with us is stored in our secure HIPAA compliant server.
Data Validation
Once you share the information with us, our e-filing software will begin to validate the data to ensure the returns are transmitted to the IRS without any rejections.
Some of these validations include:
If any errors are found while validation, we will notify you via email to resolve them. Once corrected you need to notify it back to us.
ACA Code Generation (Line 14, & 16)
The next step of the ACA reporting process is the accurate code generation, which is the most important and difficult part of filling out the ACA Forms 1095-C.
To make it simple, our e-filing software has a code generation feature that generates the 1095-C codes based on your employee and health insurance coverage information and sends it for your review.
Form 1094-B/C and 1095-B/C Generation
Upon your approval, we will begin to generate the Form 1094-B/C and 1095-B/C with the required line 14 and 16 codes.
Codes on Line 14 of Form 1095 indicates the offer of coverage. Line 16, Safe Harbor codes used to indicate the affordability of the plan.
Form Review
Once your forms have been generated, we will send them again for your review to get approval to e-file with the IRS. With ACAwise, it is simple to review and make corrections.
You and your applicable team members will have access to review the forms in a pdf format directly from your account.
Alternatively, you also have the ability to review the forms offline by downloading them in an Excel format.
IRS E-Filing through AIR System
Upon your approval, as an IRS authorized e-file provider, we will convert the generated forms into an IRS acceptable file format and e-file them with the IRS through the AIR system. We will also notify you about the status of your filing.
State E-filing
Our e-filing software also has a state e-filing feature that helps you to e-file the ACA forms with the state that passed the individual mandate.
The following dates indicate when these mandates went into effect.
California — Effective January 1, 2020
District of Columbia — Effective June 30, 2020
Massachusetts — In effect since 2006
New Jersey — Effective March 31, 2020
Rhode Island — Effective January 1, 2020
Vermont — Effective January 1, 2020
Employee Copy Distribution
Our e-filing software also has a recipient copy distribution feature that takes care of distributing copies of the Forms 1095-B/C to your covered employees or recipients via postal mailing on behalf of you within the ACA reporting deadline.
To ensure the employees receive their copies at the correct address, we will also validate your employees’ addresses against USPS address validation if you have chosen it.
Form Corrections
Once filed the return with the IRS, the IRS will provide an update on your forms, sometime forms may get rejected or accepted with errors.
In such a situation, ACAwise will help you to make ACA form corrections and retransmit your ACA forms to the IRS.
Penalty Assessments
The IRS continues to distribute penalty letters to employers who fail to comply with the ACA reporting requirements. If you receive any penalty notice, don’t worry, ACAwise is there to help you address these penalty notices and proceed with the IRS in the most productive way.
Are you ready to e-file your 2020 tax year ACA forms out of the way?
Reach out to an ACA expert today! Give us a call at 704.954.8420 or email us at support@acawise.com!
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