Paycom Software, Inc. (NYSE:PAYC), a leading provider of comprehensive, cloud-based human capital management software delivered as Software-as-a-Service, today announced an extensive Affordable Care Act (ACA) compliance offering, Enhanced ACA. The new application provides clients with continued access to an ACA dashboard and filing of IRS Forms 1094/1095-B or -C, plus additional real-time compliance-related data, reports and alerts.
“Through research from our ongoing ACA webinar series, we found that nearly two-thirds of businesses still are not ready to comply with the ACA’s 2015 reporting requirements,” said Chad Richison, Paycom’s founder and chief executive officer. “Enhanced ACA will aid businesses in their pursuit to better monitor, report and evaluate their ACA compliance, in order to comply with one of the largest health care legal reforms our country has seen.”
The ACA’s employer mandate currently applies to employers with 50 or more full-time or full-time equivalent employees; such employers otherwise are known as Applicable Large Employers (ALEs). Federal guidelines require ALEs to furnish forms to their employees by Jan. 31, 2016, and to the IRS by Feb. 29, 2016, or if filing electronically, March 1, 2016. Certain organizations with 50 to 99 employees may qualify for transitional relief, but still are required to complete the IRS filings and furnish these forms to individual employees.
Paycom already offers industry-leading ACA reporting capabilities through its dashboard, which operates off a single-database solution. Clients who sign up for Paycom’s Enhanced ACA will gain a proactive look into their health care regulatory compliance status, while also streamlining their reporting processes.
Enhanced ACA marks Paycom’s second major application release for 2015. In February, the company released Paycom Learning, a learning-management system that formalizes companies’ training processes.