ORANGE, Calif.--(BUSINESS WIRE)--The Word & Brown General Agency’s new Affordable Care Act (ACA) Compliance Toolkit is now available to assist brokers in helping clients with 50 or more full-time equivalent employees comply with mandatory Internal Revenue Service (IRS) reporting that begins with the 2015 tax year under Internal Revenue Code (IRC) Section 6056.
The ACA Compliance Toolkit, which is only available to Word & Brown brokers, offers an overview of the new IRS reporting requirements and a copy of IRS Form 1095-C, so brokers can see what employee and group information is required. The Toolkit also includes an example of how the IRS Section 6056 Reporting Data Calculator works and explains how Word & Brown’s exclusive Section 6056 Reporting Chart, customized and delivered with each large group’s underwriting approval letter, saves valuable time when completing required IRS forms. The Toolkit provides links to resources on where to find related 1095-C and 1094-C forms and answers to IRS frequently asked questions.
“We are excited to be the only General Agency to offer such a comprehensive resource for brokers and their clients,” said Word & Brown General Agency President Jessica Word. “We’ve already hosted an IRS Section 6056 webinar for our brokers, and we’ve been asked to schedule more. The feedback thus far is that the ACA Compliance Toolkit is a great resource to help brokers and their clients understand the requirements of the IRS regulations in order to avoid the penalties an employer could face for non-compliance.”
Word & Brown brokers can visit the company’s website (www.wordandbrown.com) to login and download the ACA Compliance Toolkit, or they can contact their local Word & Brown representative. Another exclusive coming soon from Word & Brown is an IRS Section 6056 PowerPoint presentation, which brokers will be able to brand for use in group-client meetings.
“Properly calculating the employer’s group size is important since Section 6056 affects groups with 50 or more full-time equivalent employees,” notes Regional Vice President Jim Bennett, who manages the Orange Regional Office for Word & Brown. “That means even groups with 50 or fewer full-time staff members could be subject to the IRS reporting requirements that begin for this tax year if the group has part-time employees, which brings them over the 50 full-time equivalent threshold. Our Toolkit, calculators, and large group Reporting Chart provide a ‘safety net check’ for employers to help them avoid penalties.”
Brokers not already doing business with Word & Brown can learn more about the ACA Compliance Toolkit and other Section 6056 compliance resources available through the general agency by contacting any of the six regional offices across California and Nevada.
About Word & Brown General Agency and The Word & Brown Companies
Trusted for more than 30 years, The Word & Brown Companies include: Word & Brown® General Agency, the largest general agent in California and Nevada focusing on group and individual and family insurance; Word & Brown Medicare Brokerage, offering Medicare coverage nationwide as well as individual and family plan coverage outside the service area of the Word & Brown General Agency; CHOICE Administrators®, the nation’s leading developer and distributor of health insurance exchange programs; Quotit® Corporation, the foremost national provider of Internet sales and marketing solutions for the health insurance and employee benefits industry; and HealthCompare®, which help individuals, families, and seniors easily research, compare, buy, and enroll in the right health insurance or Medicare Advantage, Medigap, or prescription drug program plan at the right price. For more information, visit www.wordandbrowncompanies.com.