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Let The Reporting Pain Begin

1/12/2015

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Volumes have been written about the Patient Protection and Affordable Care Act (PPACA).  Now the "rubber" meets the road.  The PPACA puts the employers in a reporting mode that remains a surprise to many.  How could the law be enforced without reporting?  So, let the reporting begin ...

It all starts with data getting organized.  The employee hours and dependent information includes SSN's and Dates of Birth ... all of it has to be collected starting now for mandatory reporting in January of 2016 (If your company has 50 or more employees).  All of this has to be recorded on a monthly basis and reported annually on the 1094-C which was finalized on December 23, 2014.  So, this is really just off the press and now the data organization has to begin.

Marketplace Letters and W-2 reporting continues as before.

PayChex, ADP and many payroll providers see this as an additional line of service.  They should.  It requires a huge increase in data collection, sorting and subsequent reporting to avoid fines that are almost a sure thing at this point.  Nothing proposed by the new Congress will change any of this reporting requirement burden.  Even raising the Full Time Standard to 40 hours per week won't change any of this reporting.

Hours have to be counted so employees can be counted.  Employees have to be counted so the determination of applicable rules can be made and applied.  Under 50 employee groups are still free from this reporting but need to be aware of the counting rules.  Shared ownership in multiple companies need to carefully look at the counting rules because, like COBRA, 401(k) and other similar Federal Rules, counting crosses Federal ID boundaries more than Tax and Payroll Reporting does.

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What 2015 and the PPACA Brings Us

1/9/2015

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Soon, we may hear the "gnashing of teeth" in the break rooms around the country, breaking the narrative in past years that was centered around how "I am going to spend my tax refund".  The "gnashing" comments will be one of two concerns ... how much less the refund is compared to last year OR there is not a refund at all because of all the questions that require proof of coverage for medical insurance last year.

These topics are expected because the PPACA is requiring "proof of coverage" in the series of forms labeled 1095 (A, B or C).  These forms are easily "Googled" and were finalized on December 23rd to the IRS website.

Here is the Link

These forms and the companion forms that will be required by employers with 50 or more next year could represent some of the heaviest burden to the working public that is funding the entire PPACA structure that has seen billions wasted on websites and consultants that brag about the great deception that has been implemented since the Act was signed in March of 2010.  The tax reporting represented by the 1095 series of forms will finally and more fully outline the new meaning of the word frequently used by HSS (Health and Humans Services) and the current President  ... that word is Free.

My colonoscopy, daughter's birth control pills and my grandson's immunizations are not free but rather "built in the premium".  If an auto insurance plan was required to provide "free" car washes and "free" oil changes and "free" tire pressure checks ... what would happen to our car insurance premium?  It is simple economics, air bags are required in all new cars sold in the U.S.  The air bags are part of the price, they are not free.  I am able to type this because I walked away from a head-on collision with a full-sized 4X4 truck at over 50 mph.  Air bags are great life savers.  We have proof, I am proof.  I wish it were true with the PPACA.

We know that premiums have gone up.  Mine doubled, so did my deductible after the carrier dropped the plan with NO offer of coverage at the end of this past July.  The promise of "keeping my plan" did not deploy for me in July of 2014.

Will be end up healthier?  That would be a great benefit!  Hopefully that will be true with more care availability and more awareness of healthier choices that would be a great claim if we have proof.  But, there still is no such thing as a "Free" lunch.

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    Frank Surface

    MoneyWise Solutions, Inc.
    Principal

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