You probably already know that beginning in 2016, you will be required to report compliance with the Affordable Care Act to the IRS. Ugh! But don’t think you can procrastinate until tax time next year. The information you need to report will actually be from THIS YEAR (2015)! Is your heart rate increasing yet?
Now let’s bring that heart rate up a couple more notches. Not only are you required to track basic employee information in 2015, but you are also required to track information that you likely have never tracked before. An example of this is ACA full-time status. Your definition of full-time status may be an employee who works 40 or more hours per week; however, under the ACA, the IRS actually defines full-time status as an employee who works on average 30 or more hours per week in a given month. Under this definition, you may actually have more full-time employees than you think.
Now take a deep breath, now another. You can rest easy with BambooHR’s new ACA tracking feature. We will not only track all of the information needed for reporting to the IRS in 2016, but we will also “catch up” your tracking to the current month. All you need to do is enable ACA Tracking in your account and make sure you keep your employee info up-to-date and accurate for the rest of the year. When 2016 rolls around, we will take all of the data you’ve smartly tracked in 2015 and make your ACA reporting process a breeze (stay tuned for an ACA reporting feature coming in Fall 2015). Ahh . . . heart rate officially back down.
Haven’t enabled ACA Tracking in your account yet? Get more information here about how to get started and find links to the best official IRS documentation.