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How Much Could ACA Reporting Actually Cost?

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Whether you’re doing it yourself or outsourcing, here’s a look at what it really takes to complete Forms 1094-C and 1095-C as an Applicable Large Employer.

Visit http://bit.ly/payx-esr for more information.

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How Much Could ACA Reporting Actually Cost?

  1. 1. Before You Begin... It’s probably a good idea to read the instructions, right? 12,8444,5011,344 Forms 1094-C & 1095-C Instructions The Declaration of Independence The United States Constitution Hamlet Prince of Denmark Words WordsWordsWords Completing the Forms How Much Could ACA Reporting Actually Cost? How Much is Your Time Worth? You can’t put a price tag on this kind of thing, can you? Let’s say you have 75 FTEs. Here’s an estimate of where your time (or money) could go each year. Know the Rules Whether you’re doing it yourself or outsourcing, here’s a look at what it really takes to complete Forms 1094-C and 1095-C as an Applicable Large Employer. To truly be prepared for ACA reporting, it’s important to know the law, the regulations, and what rules apply to business owners. Start reading on January 1st and you’ll wrap up on August 25th (assuming you don’t sleep and the rules don’t change). 44 Million Related Rules for Businesses as Filed in the Federal Register Get comfy — you’re reading for two days straight. 384,007 Patient Protection and Affordable Care Act Words Words The Minimum You read the instructions and kept careful track of the required data each month. The Outsourcer You elect to pay your accounting professional or financial advisor (assuming they have access to the applicable data, of course). The In-house Expert You read every word of every regulation and compile all the necessary data each month for the entire year. Reading (Instructions) 2 hrs Monthly prep (10 min per employee, per month) 150 hrs Year-end prep 8 hrs Monthly prep (5 min per employee, per month) 75 hrs Year-end prep 4 hrs Reading (Everything) 5,700 hrs Monthly prep (10 min per employee, per month) 150 hrs Year-end prep 8 hrs You know the rules? Great! Time to begin — all you need is... NotsurehowtheIRSdefinesanFTE–orevenwhatitstandsfor?Betterstartreading... 5,700hoursisabouthowlongitwouldtaketoreadthese... Paychex Can Help! We’ve filed over 2 million IRS forms for our affected clients and we can help you stay in compliance. Contact us for more information: (844) 802-2248 31,903 $10,82379 HRS @ $137/HR**= per year $8,000 160 HRS @ $50/HR*= per year $292,9005,858 HRS @ $50/HR*= per year One (or more) Forms 1094-C including an Authoritative Transmittal, to know whether you need to file multiple Forms 1094-C, and to include your monthly ALE member information and any Aggregated ALE Group information, if applicable. A Form 1095-C (or a substitute form) for each employee who worked full-time for any month of the calendar year and any part-time employee enrolled in a self-insured plan. A lot of data, including hours-worked info, whether or not insurance was offered, affordable, and met minimum value and coverage requirements, for each full-time (or full-time equivalent) employee and their dependents, each month. Complete requirements are available here (but you already read those, right?). * Based on median owner/operator salary as reported by PayScale.com, June 2016. http://bit.ly/299e48n ** Median of average hourly billing rates, 2016 MAP Survey, as reported by Journal of Accountancy, January 2016. The information contained above is not tax or legal advice. These issues are complex and applicability depends on individual circumstances. Businesses should consult their benefits advisor, tax professional, or legal counsel before taking action on any of the items identified above. Times listed are estimates for informational purposes only; actual time spent may vary on an individual basis. Word counts based on available documentation as of December 2014 and may vary over time (except for those historical documents referenced and Hamlet, which doth not change).

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