With two upcoming Affordable Care Act (ACA) deadlines looming, some firms are wondering whether they should worry about compliance.
Robert Sheen, First Capitol Consulting’s president and CEO, is advising clients to continue complying with the health care law's regulations to avoid fines.
“When some form of ACA repeal is approved, we should expect a considerable transition period to take place as new regulations are phased into effect,” Sheen said in a recent press release. “While this process unfolds, continuing to meet IRS filing deadlines for ACA compliance is critical for businesses to avoid financial penalties and the possibility of an IRS ACA audit."
The main problem with meeting reporting requirements involves proving all full-time workers are covered by health insurance for each month of the year, the release said. Failure to manage the paperwork may cause some companies to unwittingly violate the law and incur penalties.
First Capitol Consulting publishes a blog on ACA compliance and can help employers document their health care coverage and meet the law’s requirements.