Preparing for HR Year-End: ACA Data Required for Reporting
Data that HR needs to ensure smooth and accurate ACA reporting
Human resource teams must perform many compliance related tasks at year-end. One of the most confusing is ACA reporting and filing. For Ascentis’ clients, this is easy, with our built in reporting and filing features. But for those in HR without the luxury of a filing and reporting solution, navigating and understanding the regulations under the Affordable Care Act can be incredibly overwhelming.
In order to best prepare for ACA filing and reporting for tax year 2017, start by ensuring that you have the ACA data required for reporting.
Year-end reporting under the ACA must cover all 12 months of 2017. To ensure accuracy, it is essential that if your HRIS does not handle ACA reporting, or if you do not have an HRIS that you collect all the data you’ll need to manually report, including:
- Employees that were active as of Jan. 1, 2017
- New hires for 2017 from date-of-hire
- Retirees who are still on your benefits plan(s)
- Owners, directors, partners … anyone who is enrolled in your plan(s)
- Union members if they are enrolled in your plan(s), or if you are required to contribute to their plan
- Any current or former employees who have enrolled in COBRA coverage during this tax year
- Dependent enrollment data, including social security numbers
Don’t Delay Your HR Year-End Planning. Get Ready Now and Download the Free Comprehensive Year-End Checklist for HR.
This high-level year-end checklist offers HR professionals an overview of the most critical year-end activities and recommended best practices to support year-end planning and new year strategic initiatives. In this free downloadable checklist you’ll get guidance on:
- ACA: Employer Shared Responsibility, ACA reporting requirements, the affordability test, and more
- Employee termination benefits audit
- New pay equity regulations by city/state
- Developing a powerful recruiting and on-boarding strategy for the coming year
- Employee benchmarking
- Compensation: salary reviews, adjustments, total compensation statements, and more
- Developing training programs
- Succession planning, and much, much more!