NEW ORLEANS--(BUSINESS WIRE)--ACA compliance is a sneakily hard undertaking for the millions of employers that, for the first time, will have to fulfill and file accurate forms to employees and the IRS by January 31, or be subject to a multitude of costly penalties. The complexity of ACA regulation and the nuances of the reporting obligations make it impossible for most companies to achieve compliance by forcing them to draw from disparate employee payroll and benefits data sources.
That ends today with the introduction of SyncStream’s newly designed ACA compliance and reporting solutions that will allow employers, their trusted advisors, and consultants to meet compliance requirements through a guided workflow that marries employer data with ACA analytics to achieve ACA compliance and provide the assurance of auditability.
The new solutions are powered by more than 100 data verification rules that allow users to understand and normalize required data, ensuring greater accuracy and ease. SyncStream’s solutions are designed according to business logic rules that root out inconsistencies and errors before they occur, producing forms that are not only accurate and compliant, but auditable.
“With more than 20,000 pages of regulation, the ACA is easily one the most onerous compliance challenges since the introduction of ERISA,” said Arthur Tacchino, Chief Innovation Officer at SyncStream and creator and architect of their new solutions. “For all purposes, 2015 was the preseason for ACA compliance. You had to play, but the outcome had little impact on employers due to the IRS’s ‘good faith effort’ standard and leniency in the first reporting year. Now the real season has begun, and the risks are higher and the penalties greater. But most companies can’t fathom the complexity and nuances of these requirements. We have in essence created a foolproof workflow that prompts, informs, and alerts users to the correct and accurate way to comply.”
In an independent review by a leading professional services provider, SyncStream’s solutions generated ACA forms with more than 98 percent accuracy, with the remaining 2 percent open to interpretation. The new version includes all the functionality needed to meet ACA filing requirements:
- Provides employee tracking and ACA full-time status determination, eliminating guesswork and inaccuracy
- Generates the 1094-B, 1095-B, 1094-C, and 1095-C to meet IRS requirements, making sense of the 88 possible code combinations on lines 14 and 16 of the 1095-C that could be applied to each employee every month
- Populates IRS indicator codes based on business logic, preventing costly mistakes
- Assures accurate and timely filing through certified integration with the IRS electronic filing system
- Supports users with a guided, interactive solution workflow
- Intelligently normalizes employer data into ACA-compliant language
- Supplies the documentation needed to address and demonstrate compliance under IRS inquiry
“We spent the preseason refining the solutions by working with more than 40 partners to understand their points of pain in the ACA compliance process,” said Cindy Heine, President of SyncStream. “We applied our findings to build the world’s first intelligent, intuitive solution that once and for all simplifies the compliance process, ensuring accuracy and eliminating risk.”
For more information on SyncStream’s solutions, visit www.sync-stream.com.
We are the ACA compliance people. SyncStream builds intelligent, intuitive solutions that help employers and their trusted advisors comply with more than 20,000 pages of IRS ACA regulation.
A woman-owned business, SyncStream is the result of some 100 combined years of employee benefits, health care, legal, regulatory, education, and technology experience, and has successfully fulfilled over 1 million employee forms and served more than 10,000 customers with well over 90 percent accuracy. Visit www.sync-stream.com for more information.