Overwhelmed with trying to know which federal law applies to your company? Here's a quick summary of each law, broken down by company size.
ACA Paperwork Costing Small Businesses Thousands
Per the ACA requirements, employers need to be able to track workers’ hours, the number of months an employee is covered by insurance, and the cost...
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If the cost of providing healthcare wasn’t enough, the Affordable Care Act (ACA) compliance costs for small businesses now estimate around $15,000 a year. A recent AP report outlined the struggles many small businesses are having with the ACA’s requirements. Considering the additional hassle and exorbitant costs, it’s no wonder business owners are having a difficult time undertaking this new law.
Most small companies have separate systems for payroll, time and attendance, and perhaps a broker that helps with benefits. Per the ACA requirements, employers need to be able to track workers’ hours, the number of months an employee is covered by insurance, and the cost of insurance premiums to determine if the employee portion is deemed “affordable.” Employers must then combine all of this data to submit on IRS forms beginning next year, per ACA compliance regulations. For companies operating in multiple states, the process gets even more arduous.
Small businesses trying to handle everything on their own are at a significant disadvantage to larger companies, but that’s where Stratus.hr can help even the playing field. We have the advanced systems, data tracking software, and human resources expertise that can help businesses of all sizes comply with the ACA. Let our ACA-certified experts handle the additional paperwork so you can get back to business. Contact us today.