The Patient Protection and Affordable Care Act, commonly referred to as the Affordable Care Act or Obamacare, was enacted in 2010 to drive better health outcomes, lower costs of healthcare coverage, and improve hospitals' and physicians' methods of distribution and accessibility.
There are many difficulties employers face attempting to remain compliant with the ACA. Not only are they required to take on potentially new expenses to provide insurance, they must ensure it's affordable and offered to each full-time employee, including variable hour employees.
Additionally, they need to report the coverage offered for each employee each year to the IRS, similar to how they report employees' salaries on W-2 Forms. That's why ACAwise not only supports simple, secure e-filing for Forms 1094 and 1095, but also provides ACA compliance tracking features to ensure users remain compliant with the IRS.
ACAwise is one of the first full-service ACA compliance software and reporting programs. Completely cloud-based, ACAwise allows users to track and maintain employee hours, salaries, and benefits throughout the year before automatically generating ACA Forms 1094 and 1095, which are necessary for year-end filing.
Users can also track their compliance throughout the year as well as generate reports to ensure they're following IRS regulations and aren't at risk of incompliance. Some of these extensive reports include Determining Eligibility & Affordability, Monitoring & Forecasting Compliance, and even Penalty Calculations. And with our simplified work flow process and real-time dashboards, ACA compliance couldn't be easier than with ACAwise!
Flexible data capture features allow you to easily input unlimited employer and employee benefits data for advanced IRS Form preparation and reporting.
Built-in analysis and reporting to help you determine eligibility and affordability to ensure your ACA data is compliant all throughout the year.
Real-time alerts and compliance error checks work to inform you when you're at risk for incurring an ACA compliance penalty.
Automatically generated codes and reports based on your year-round ACA compliance tracking help to ensure fast, simple, and accurate ACA e-filing.