LI Advantage Payroll, the region’s largest independently owned payroll service provider, is proud to announce its ACA Reporting service, which provides clients with a comprehensive monthly employee-by-employee report with detail on hours worked. With Advantage’s ACA Reporting, an employer can easily determine whether or not they meet the threshold at which the government requires them to provide employees with health insurance under the Affordable Care Act Section 6056 Reporting Requirements.
For most small business owners, the Affordable Care Act has been a source of confusion and anxiety,” said President of LI Advantage, Rob Basso. “Determining the amount of full time or full time equivalent employees your business has can be time-consuming and complex. Advantage aims to make their clients’ most stressful tasks as seamless as possible. ”
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Starting in 2015, the Affordable Care Act Employer Mandate requires that employers with 100 or more FT/FTE employees offer affordable and adequate health insurance to their workers. Employers with 50 or more employees do not have to comply with this requirement until 2016, however they do have to comply with Section 6056 reporting requirements for the 2015 year. Small businesses also must be careful to consider common ownership standards when they are listed as the owner of multiple entities. Under government regulations, these business owners may need to offer affordable health insurance to their employees.
Advantage can collect all the required data on behalf of enrolled clients and help complete required IRS paperwork that assures an entity’s compliance. This includes data such as: which employees were offered coverage by month, premium for the lowest cost single-only coverage option available by month, any special transition relief that applies or safe harbor methods being used, and common ownership information between Aggregated ALE Group members. The company also advises small businesses to get on top of compliance now, before it costs them a $100 fine per incorrect filing.
Headquartered in Freeport, New York with office in Hauppauge, New York LI Advantage Payroll is the New York/Long Island metropolitan region’s largest independently owned payroll and HR service provider. The company has grown each year since it was founded, and today it boasts a staff of close to 50. Servicing the region for seventeen years and the nation for more than thirty, Advantage Payroll is strongly committed to delivering the best in customer service, payroll, human resources and time and attendance management while playing a pivotal role in various community outreach initiatives. LI Advantage Payroll has the highest customer satisfaction rating among payroll providers in the region.