Equifax recently published the results of a survey conducted with PricewaterhouseCoopers on the readiness of employers for Affordable Care Act reporting. The survey consisted of responses from nearly 500 organizations of different sizes that span across various industries.
The one common theme? Organizations are not as prepared as they think. The findings show that only 10% of respondents have an ACA reporting solution in place and 16% reported that they haven’t yet considered a solution for ACA reporting. This is creating a lot of panic among employers since they must provide form 1095s to employees by February 1, 2016 and 1094s to the IRS in March 2016.
The survey also indicated that 65% of respondents had concerns over the quality of data they will use to determine eligibility and report on ACA compliance. Other key concerns tend to vary by industry and company size. Those topics include:
- Responding to exchange notices
- Determining which department is responsible for ACA reporting
- Choosing whether to handle ACA compliance internally or outsource
- Tracking hours and delivering forms 1094 and 1095
Download the survey results to learn more and see how you compare.