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How Much Could ACA ReportingHow Much Could ACA ReportingHow Much Could ACA Reporting
Actually Cost?Actually Cost?Actually Cost?How Much Could ACA Reporting
Actually Cost?
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 Protectionand Affordable Care Act
Words Words
How Much Could ACA Reporting Actually Cost? http://bit.ly/payx-esr
Know the RulesKnow the Rules
Before You BeginBefore You BeginIt’s probably a good idea to read the instructions, right?
Forms 1094-C & 1095-C
InstructionsThe Declaration
of IndependenceThe United States
ConstitutionHamlet
Prince of Denmark
12,8444,501 31,9031,344WordsWords Words Words
How Much Could ACA Reporting Actually Cost? http://bit.ly/payx-esr
How Much Could ACA Reporting Actually Cost? http://bit.ly/payx-esr
You know the rules? Great! Time to begin — all you need is...
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, includinghours-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 in the instructions (but
you already read those, right?).
Completing the FormsCompleting the Forms
How Much Could ACA Reporting Actually Cost? http://bit.ly/123456789How Much Could ACA Reporting Actually Cost? http://bit.ly/payx-esr
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.
How Much is Your Time Worth?How Much is Your Time Worth?
The MinimumYou read the instructions and
kept careful track of the
required data each month.
The OutsourcerYou elect to pay your accounting
professional or financial advisor
(assuming they have access to the
applicable data, of course).
The In-house ExpertYou read every word of every regula-
tion and compile all the necessary data
each month for the entire year.
$10,42879 HRS @ $132/HR**=
peryear
$7,520160 HRS @ $47/HR*=
peryear
$275,3265,858 HRS @ $47/HR*=
peryear
http://bit.ly/payx-esr
Paychex can help. For more information, visit:
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).
* Based on median owner/operator salary as reported by PayScale.com, September 2014. http://bit.ly/1r37EtZ** Median of average hourly billing rates, 2014 MAP Survey, as reported by Journal of Accountancy, January 2015.
© 2015 Paychex, Inc. All rights reserved.
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