October 30, 2015
As you are all aware the new reporting requirements are right around the corner. We want you to know that these changes are being incorporated into our Shelby products and will be ready for you by Thanksgiving. Be on the lookout for an email invitation mid-November for a webinar to show you how your Shelby software will help you meet the ACA requirements.
To start preparing now, here are a few suggestions to get you ready to meet those requirements…
We suggest making sure each employee has a valid SSN, first & last name, and a valid address in your Shelby software. If you are a v.5 or Arena customer AND you are self-insured, you can enter covered individuals as family members. Requirements for covered individuals are first & last name, and either a SSN or DOB. Note that information on covered individuals is only required if they are self-insured.
Also, apart from data that can be entered now in Shelby, we highly recommend that all clients download the IRS forms and instructions to familiarize yourselves with the data that will be required. As an example, for large employers, you must specify which type (of the 9 types) of coverage was offered to each employee for each month of the year. Also, large employers must specify how many full time equivalent employees and total employees you had for each month.
As you can imagine, there is a litany of data required depending on what type of employer you are. Familiarizing yourselves with the applicable forms and instructions ASAP will help when everything is released. And we, as your Shelby team, will make sure your software is ready and capable of helping you meet all of your ACA requirements.
For more information on ACA Tax Provisions for employers, click here.