How to Avoid ACA Reporting Scams this Filing Season
From the moment the Affordable Care Act (ACA) went into effect and its resulting reporting requirements, businesses have worried about protecting employee’s personal data from scammers. This year, additional information is required according to ACA guidelines and can be equally detrimental if put in the wrong hands. More than ever before, it is vital to choose an accredited, professional and secure tax reporting partner in order to keep your company’s sensitive data safe.
Partnering with the right reporting expert could make all the difference. Greatland Corporation is urging companies to understand ACA’s security implications with the new Form 1095 and stressing how imperative it is to work with a trusted partner to protect personal information. Since Greatland was founded, security has always been one of their highest priorities, and to help customers this year, the company is utilizing top-of-the-line security features designed to keep private information safe.
Thanks to the new requirements and unlike previous tax seasons, employers are now charged with tracking and providing sensitive healthcare information to the IRS, opening a dangerous window for errors or the risk to misuse or abuse this information. Greatland has put together some tips on how to avoid scams this upcoming filing season:
Research your tax reporting partner:
There are numerous companies claiming to have the expertise to handle the new reporting as the demand heightens for filing Form 1095. Internet companies lacking in credibility, background in filing or reporting or who offer little to no security precautions are only looking to profit from confused employers and businesses. Do yourself, your business and your employees a favor by conducting extensive background research and use only trusted sources to file your information.
Know what the ACA means for your business:
Because this is the first year reporting is required for the ACA, it is essential to know how it directly affects you. Learn all there is to know about ACA reporting so you can choose what is best for you and your organization, and more importantly, what is best for your employees. This will also help in selecting the proper company to help navigate tax reporting this year.
Avoid companies that are not compliant:
This may seem like a no-brainer, but be sure to only use providers who have earned the IRS’ stamp of approval. Remaining in compliance with all requirements, new and old, can help save you time and avoid potential penalties.
Beware of cheap:
Just because someone offers a less expensive product does not mean it is of equal value to a trusted competitor. Pricing will always be a consideration, but put emphasis on more important factors than price. Can they protect my information? Do they provide a secure reporting platform? Are their standards compliant to those of the IRS? Think about the value of security and information integrity and how a trusted provider will actually save you money over the long haul.