Affordable Care Act Update
With the Affordable Care Act “look-back” period just around the corner, now is a crucial time to consider automating your time and attendance processes. Starting June 1st, the IRS will require large employers to report six consecutive months of labor records for 2013.
Implementing an automated time keeping solution now that integrates with your payroll will help you prepare for the ACA and look-back period in the following ways:
- Avoid unnecessary IRS audits, penalties, and tedious administrationthrough a time-keeping system that conveniently tracks employee hours and indicates your “Shared Responsibility” status.*
- Determine your current and ongoing “large employer” classification status. Are you over the threshold of 50 Full-Time & “Full-Time Equivalent” (FTE) employees? This will determine your IRS and PPACA “Shared Responsibility” exposure.*
- Validate your status as a small employer (25 FTEs or less to qualify for health insurance tax credits up to 35% in 2013 and 50% in 2014). Also, employers generally under 100 FTEs will be eligible to shop for better group insurance benefits through public health exchanges.*
- Prepare to track your employees hours (by work week or month) to meet IRS requirements for the six-month look-back period.
- Calculate your count of Full-Time Employees, Full-Time Equivalents (FTEs), and Non-Full-Time Employees. View how each employee contributes to your FTE count.
- Manage employee hours in advance to avoid exposure as employees over 30-hours per week or 130-hours per month will qualify for employer-sponsored “affordable” health care.* Get alerts to determine when part-time employees will cross over 28 hours, 30 hours, or another defined count of hours per week.
- Manage measurement periods. Easily demonstrate hours worked per week by employee over your look-back and other measurement periods.
SBS Payroll’s FlexTime® automated Time and Attendance solutions can help you prepare for the ACA, and save you both time and money by reducing labor costs, increasing compliance, and mitigating risk. You can collect time data remotely or on-site, or via GPS-enabled mobile solutions. All of our time-keeping solutions allow you to import time data directly into your payroll.
Our various on-site clocks include:
- Swipe Cards
- Face Scanning Technology
- Proximity Readers
- Internet Web-Punch
Sign up now through May 31st for FlexTime® automated Time and Attendance solutions and receive 20% off implementation fees!
Contact us at 855-591-9864 or email us to find out how our time and attendance solutions can help you prepare for the ACA, increase productivity, and ensure payroll accuracy within your company.