In our last post, we discussed what the 1094-C and 1095-C forms are and the importance of these forms in staying Affordable Care Act (ACA) compliant.
While it is up to each individual employer to ensure that they properly report to the Internal Revenue Service (IRS), it is the primary objective of COATS for you to be able to run all your front office and back office routines from the COATS interface.
“COATS offers our employer users a fantastic solution to a complex problem,” said Karen Connor, vice president of business development. “We are pleased to deliver a precise product when it comes to the IRS’ Forms 1094-C and 1095-C, which seamlessly interfaces with the rest of our system, including the tracking of employee status, employee assignments, payroll, benefits, and, of course, other ACA requirements.”
We know your time is valuable and we aim to help you save your time. Which is why we’ve designed our system to auto-populate the 1094-C and 1095-C.
As an example of where you will find critical time savings by using COATS, simply peruse the blank tax forms and you’ll quickly realize that, per employee, there is the potential of 24-36 entries per employee. It is clearly much easier to populate these forms via computer than having to attempt this manually.
Additionally, with COATS, you only have to enter employee data once. Therefore, it makes sense to use the data that’s already present on the system to populate the forms. With one data set you have the ability to access and deliver a multitude of reports that would be tedious if using separate systems.
“With one data set we are able to capture the multiple areas the ACA processes require,” said Connor.
Finally, using COATS as a single-system ensures data integrity and accuracy. By using one system, you are spared not only the headache of trying to get the systems to work together, but also from having to enter the same data into different programs, which could compromise accuracy.
“We are very pleased with the direction COATS has taken to assist our clients with ACA Compliance, and automating the 1094-C and 1095-C forms is no exception,” added Tom Sarach, Jr., president of COATS.
However, he cautions that ACA reporting is very data dependent and will require clients to have properly documented their ACA information on employees.
The bottom-line, auto-population of these forms makes sense because it will help to ensure accuracy, save you time, and maintain ACA compliance – all from one interface – provided the data entry is accurate.
Are you already a COATS user? Do you have questions? Now is the time to ask them. Contact our support team and they will be happy to assist you with explaining the data entry and reporting process. If you are not a COATS user and you are wondering how you are going to be able to comply with ACA, schedule a demo with us.
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Are you ready to learn more?
Email Karen Connor for more information on how COATS’ ACA Tools can help you!