In less than 12 months, Sovos Compliance developed and delivered to market Sovos ACA, a software to support businesses with their ACA compliance requirements.
In less than 12 months, Sovos Compliance, a global leader in tax and business-to-government compliance software, successfully delivered to market Sovos ACA, a new product to support Affordable Care Act (ACA) compliance reporting. In 2015, the first year of required ACA reporting, Sovos ACA supported over 1,000 companies and provided services to 20 million households, making up 13.4% of non-government insured individuals in the United States. Tax reporting under the Affordable Care Act is the largest expansion of tax reporting since the W2 was introduced in 1978. Sovos supports organizations ranging in size from small-to-medium businesses to many Fortune 500 companies with their ACA reporting solutions.
The Affordable Care Act created a new set of tax reporting obligations for health insurers and large employers. ACA legislation requires large employers to offer health insurance for full-time employees, provide proof of coverage for employees to include with their individual tax returns, and report this information to the IRS. ACA legislation also requires health insurers to report on covered individuals as part of their plans.
This year, Sovos educated business leaders about the new legislation and their reporting obligations in this space by delivering a number of resources about ACA compliance requirements, including live and on-demand webinars, whitepapers, and smart briefs for HR and Benefits professionals.
The Sovos ACA Reporting Solution
Sovos ACA is a scalable Software as a Solution (SaaS) technology, that helps businesses easily generate the proper 1095 Forms to recipients and transmit them to the IRS. The Sovos Compliance Research Team monitors all regulatory updates and additions communicated by the IRS via numerous forms, publications, schemas, business rules, webinars and their website—and quickly updates Sovos ACA so businesses remain compliant. If completed in-house, the tasks of monitoring regulation changes, developing an in-house solution, and maintaining this solution would represent a significant amount of work, effort, and dedicated resources.
With the 2015 ACA reporting deadline now passed on June 30, 2016, employers and HR professionals may be taking a break from thinking about ACA compliance reporting, but Sovos continues to monitor the changing landscape of ACA reporting on behalf of our clients, as modifications are expected for the 2016 reporting year. Outsourcing ACA and other business-to-government compliance reporting needs allows, leaders to refocus on growing their business.
Is your business prepared for ACA reporting in 2016?
- Learn about how Sovos supported one company, Savage with their 2015 ACA reporting.
- Contact us to learn more about ACA reporting and how Sovos can support your business.
The post Sovos Successfully Supported 20 Million Households with 2015 ACA Reporting appeared first on Sovos Compliance.
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Sovos is a leader in global tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world.More Content by Sovos -