It’s estimated that up to 90% of employers are not prepared to meet the significant reporting requirements the Affordable Care Act (ACA) has imposed. Employers that do not have a solution for collecting and managing the necessary employee and benefit data to satisfy Section 6055 and 6056 reporting requirements run a significant risk for incurring reporting penalties and ACA excise taxes
ACA compliance is critical to avoid fines and penalties. Baron Payroll houses all your data – dates, employee status and more – in a single source and can produce reports for your ACA compliance. Accurate workforce data is vital to your compliance.
The reporting requirements that the ACA imposed were difficult for many employers to meet. If your ACA process last year didn’t go as smoothly as it could have, now is the time to look for a better solution. Employers that do not have a solution for collecting and managing the necessary employee and benefit data to satisfy Section 6055 and 6056 reporting requirements run a significant risk for incurring reporting penalties and ACA excise taxes.