Obamacare gets a lot of criticisms from the media and important political figures. But no matter the negative feedback for the Affordable Care Act, it is hard to deny the benefits. With the ACA, anyone can access affordable healthcare from anywhere in the country and receive the medical treatment they deserve.
Although there are so many benefits to enrolling in an marketplace plan, things can start getting tricky when tax season rolls around. For this reason, it is wise to hire an ACA reporting services company. A company like this has expertise in essential tax documents and ensures complete Affordable Care Act compliance. Here is everything you need to know about the ACA and hiring an ACA reporting service.
What is the Affordable Care Act?
The Affordable Care Act came into existence under President Obama, so it often referred to as Obamacare. This act has 3 main goals:
- Allow more Americans to have access to affordable health insurance.
- Expand the Medicaid program to include more adults under the federal poverty level.
- Support medical care delivery methods designed to lower the cost of healthcare in general.
How does an ACA reporting service work?
If you are enrolled in an Obamacare program, filling out your taxes is not easy to say the least. It is essential to fill out the proper forms and pay attention to details. If you fail to report ACA related information correctly, you could be faced with some major penalties. Hiring an ACA reporting service will ensure that every tax form is filled out properly.
Different ACA reporting companies provide a variety of services. One of the best on the market today is MZQ Consulting. They will help you to calculate and report all the necessary data and even file the 1094-C and 1095-C for you.
The best reporting services offer everything from tax form completion to compliance consultation. No matter what form you need help with, a service will assist you down to the last detail. All you need to do is send in the necessary information and they will accurately input your data.
What is needed on your end?
Obviously a reporting service cannot do every single thing for you; there are a few tasks you need to complete on your end as well. You’ll need to provide a list of your full-time employers, employee coverage information for that tax period, and all the basic information about your current medical plan.
Is hiring an ACA reporting service really worth it?
If you consider yourself a tax whiz, maybe you don’t see an ACA reporting service as a crucial investment. But even so, a service will ensure that no mistakes are made and prevent you from facing any penalties.
In addition to filing your ACA tax forms properly, a service can help you in several ways. If you have faced penalties due to errors on your previous tax forms, a service can help you get them waived. All in all, hiring a reporting service is never a bad idea.