“…Compliance is more than having the correct data.” – Ken Phillips
Natick, MA (PRWEB)
September 21, 2017
Affordable Care Act (ACA) Reporting and IRS filing for Tax Year 2017 is only months away. Applicable large employers will be required to distribute a Form 1095 to each eligible employee on January 31, 2018 and then file this information with the IRS.
BenefitScape is proud to announce that we are providing several ACA-necessary Business Processes as a Service (BPaaS) over the Internet via a web browser. BPaaS-ACA, the new cloud-based feature, enables employers to obtain all the necessary services (data verification, printing, efiling, penalty assessment, corrections etc.) that are required for accurate and complete ACA Compliance.
BPaaS-ACA is designed to compliment an employer’s human capital management (HCM) or payroll system. Many major HCM and payroll vendors provide a software ACA module that will create and manage all of the data required for compliance, including the functionality to print forms and e-file to the IRS. In many cases it is more efficient and economical to utilize a shared business service for these tasks. BPaaS ACA provides this basic functionality as well as many additional features.
“We’ve had the opportunity to work with many HCM and payroll systems that provide excellent ACA data management. But compliance is more than having the correct data,” said Ken Phillips, Principal at BenefitScape. “For the compliance process to be successful, it needs to be completed in a thorough and comprehensive manner. This is why we took the eight individual processes, from data security to auditing, and put them all into a web service available to those clients that can provide us with an XML file.”
Each business process available via BPaaS ACA is complex and is based on a thorough analysis and implementation of hundreds of IRS rules and regulations. In many cases these features exceed and are more far-reaching than those available in system software modules. Each function operates in concert with one another and is designed to ensure penalty free compliance.
Why ACA IRS compliance is an excellent candidate for BPaaS
Since the format of the IRS forms and the complex structure of the data required for IRS e-Filing is mandated and…