{"id":44,"date":"2015-04-22T16:14:39","date_gmt":"2015-04-22T16:14:39","guid":{"rendered":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/?p=44"},"modified":"2015-04-22T16:18:07","modified_gmt":"2015-04-22T16:18:07","slug":"something-wicked-this-way-comes","status":"publish","type":"post","link":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/2015\/04\/something-wicked-this-way-comes\/","title":{"rendered":"Something Wicked This Way Comes"},"content":{"rendered":"

\"AAEAAQAAAAAAAAJuAAAAJGNjODU3YjFmLTQ3YzMtNGEwMy05YTUyLTllODIzMzUxOWU4ZQ\"<\/a><\/p>\n

\u201cSomething Wicked This Way Comes\u201d is a story by the legendary science fiction writer Ray Bradbury.\u00a0 The story is about the ominous arrival of a travelling carnival led by the \u201cmysterious Mr. Dark\u201d.\u00a0 After the carnival arrives several townspeople are tricked into servitude to him caught unaware of Mr. Dark\u2019s sorcery.\u00a0 The story is an appropriate analogy to the looming Affordable Care Act (ACA) health insurance reporting requirements that begin with the 2015 tax year.<\/p>\n

The Requirements<\/strong><\/p>\n

Spelled out in IRS sections 6055 and 6056, the rules require companies with 50 or more full-time equivalent employees (FTEs) that provide health coverage to report information on this coverage to the IRS and to covered employees beginning with the 2015 tax year.\u00a0 This information is required to be reported on IRS Forms 1094 and 1095, and the first returns are due by February 29, 2016<\/span>.<\/p>\n

Companies must provide each eligible employee with Form 1095, detailing information about the employee, any offers of coverage, the months such coverage was offered, who was covered, and the cost to the employee.\u00a0 On Form 1094 companies must detail their full-time employee count, total employee count, and whether minimum essential coverage was offered.\u00a0 Related companies may be required to file a combined return.<\/p>\n

The Dilemma\u00a0 <\/strong><\/p>\n

The dilemma for companies subject to these requirements is gathering the information necessary to complete these forms.\u00a0 Trying to recreate the information required for these forms after-the-fact will be daunting.\u00a0 Companies need a system that will capture the information required for these reports on an ongoing basis as employees come and go throughout the year.<\/p>\n

The Solution<\/strong><\/p>\n

The most effective way for companies to automate this process and to establish a system for capturing this information is to implement an onboarding and employee benefits management system.\u00a0 Such a system not only can automate the new employee process but also can manage benefits enrollment and administration.\u00a0 Most importantly, a robust platform can generate informational reports, including the required IRS Forms 1094 and 1095.<\/p>\n

There are many onboarding and employee benefits management systems available in the marketplace today and the costs can vary wildly from zero to several thousands of dollars per month, but whatever solution you use should be comprehensive, providing not only the platform but compliance advice, training and platform customization.\u00a0 The solution should not just be software but a well-thought-out system of tools, policies and procedures.\u00a0 This is the solution we offer our clients.<\/p>\n

The Conclusion<\/strong><\/p>\n

Like the townspeople in \u201cSomething Wicked This Way Comes\u201d, companies that do not prepare for the coming IRS reporting requirements will find themselves caught off guard scrambling to re-create the required data.\u00a0 Implementing a comprehensive solution that automates employee onboarding, benefits and reporting will ensure that you are on your toes when you have your inevitable encounter with \u201cMr. Dark.\u201d\u00a0 Contact me at mdmowski@comprehensivebenefitservices.com<\/a> if you would like to learn more about the solution we offer.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cSomething Wicked This Way Comes\u201d is a story by the legendary science fiction writer Ray Bradbury.\u00a0 The story is about the ominous arrival of a travelling carnival led by the \u201cmysterious Mr. Dark\u201d.\u00a0 After the carnival arrives several townspeople are tricked into servitude to him caught unaware of Mr. Dark\u2019s sorcery.\u00a0 The story is an\u2026 Read More »<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-44","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/posts\/44","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/comments?post=44"}],"version-history":[{"count":0,"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/posts\/44\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/media?parent=44"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/categories?post=44"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.comprehensivebenefitservices.com\/Blog\/wp-json\/wp\/v2\/tags?post=44"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}