SyncStream Introduces ACA Compliance and Reporting Solutions
Affordable Care Act (ACA) compliance can be a difficult undertaking for the millions of employers — including hospitality companies — that, for the first time, will have to fulfill and file accurate forms to employees and the IRS by January 31, or be subject to a multitude of costly penalties. The complexity of ACA regulation and the nuances of the reporting obligations make it impossible for most companies to achieve compliance by forcing them to draw from disparate employee payroll and benefits data sources.
To help companies with this issue, SyncStream’s newly designed ACA compliance and reporting solutions will allow employers, their trusted advisors, and consultants to meet compliance requirements through a guided workflow that marries employer data with ACA analytics to achieve ACA compliance and provide the assurance of auditability.
The new solutions are powered by more than 100 data verification rules that allow users to understand and normalize required data, ensuring greater accuracy and ease. SyncStream’s solutions are designed according to business logic rules that root out inconsistencies and errors before they occur, producing forms that are not only accurate and compliant, but auditable.
The new version includes all the functionality needed to meet ACA filing requirements:
To help companies with this issue, SyncStream’s newly designed ACA compliance and reporting solutions will allow employers, their trusted advisors, and consultants to meet compliance requirements through a guided workflow that marries employer data with ACA analytics to achieve ACA compliance and provide the assurance of auditability.
The new solutions are powered by more than 100 data verification rules that allow users to understand and normalize required data, ensuring greater accuracy and ease. SyncStream’s solutions are designed according to business logic rules that root out inconsistencies and errors before they occur, producing forms that are not only accurate and compliant, but auditable.
The new version includes all the functionality needed to meet ACA filing requirements:
- Provides employee tracking and ACA full-time status determination, eliminating guesswork and inaccuracy;
- Generates the 1094-B, 1095-B, 1094-C, and 1095-C to meet IRS requirements, making sense of the 88 possible code combinations on lines 14 and 16 of the 1095-C that could be applied to each employee every month;
- Populates IRS indicator codes based on business logic, preventing costly mistakes;
- Assures accurate and timely filing through certified integration with the IRS electronic filing system;
- Supports users with a guided, interactive solution workflow;
- Intelligently normalizes employer data into ACA-compliant language;
- Supplies the documentation needed to address and demonstrate compliance under IRS inquiry.