ACA Reporting

S3M Insurance Services can provide valuable assistance to clients when it comes to Affordable Care Act (ACA) reporting. Here are some ways that we can help a client with ACA reporting:

1. Compliance guidance: An employee benefits broker can help a client understand their ACA reporting requirements, including what forms need to be filed and when they are due. The broker can also provide guidance on how to stay compliant with ACA regulations throughout the year.
2. Data collection: An employee benefits broker can assist with collecting the data needed for ACA reporting, such as employee enrollment information and cost-sharing details. The broker can help ensure that this data is accurate and complete, which can help avoid penalties for non-compliance.
3. Forms preparation: An employee benefits broker can help prepare the necessary ACA reporting forms, such as Forms 1094-C and 1095-C. The broker can help ensure that these forms are completed correctly and submitted on time, which can help the client avoid penalties for non-compliance.
4. Filing assistance: An employee benefits broker can assist with filing the ACA reporting forms electronically, either directly with the IRS or through an approved third-party vendor. The broker can help ensure that the forms are filed correctly and that any required payments are made on time.
5. Penalty mitigation: If a client does receive an ACA penalty notice, an employee benefits broker can help mitigate the impact of the penalty. The broker can review the penalty notice to determine whether it is accurate and can work with the client to develop a plan for addressing the penalty and avoiding similar penalties in the future.

Overall, by providing assistance with ACA reporting, an S3M Insurance Services can help ensure that their clients stay compliant with ACA regulations and avoid penalties. This can help reduce the client’s financial and legal risk, and allow them to focus on running their business.