With PPACA, or Obamacare, postponed to January 1st, 2015, you may not know that you, as an employer, are required to begin tracking your employees and their hours for the 2014 work year. Many large employers will be required to report the full-time status of each of their employees to the IRS, beginning in 2015. The majority of employers will have to rely on the 2014 year time records to make an accurate determination of their workers and hours clocked in. While this will be no easy task, the best way to capture accurate time histories is by employing a reliable time and attendance system.
The IRS has recently provided further information to aid in understanding the Affordable Care Act and how employers are to agree upon full-time/part-time status (and consequentially, eligibility for their group plan). At the root of these clarifications is the need to track, calculate, and report employees’ hours for specific periods of time throughout the 2014 work year.
Time and attendance software will prove to be the perfect solution to help employers track the full or part-time status of employees and guarantee cooperation with the Affordable Care Act. Employers can easily avoid cost and compliance difficulties by choosing and establishing a time and attendance system that tracks of the accumulation of employee hours and notifies the employer either before an employee’s hours result in a status (full-time or part-time) change or when it becomes time to begin offering health insurance to an employee who qualifies as a full-time worker.
If an employer has the ability to measure whether an employee may gather enough hours to attain full-time status, they can put a stop to accidental status changes, which will decrease their liability for neglecting to make health insurance available to the employee while also reducing their risk of being audited – a hassle no company wants to go through at the fault of a simple recording mistake.
AMGtime is here to help employers seamlessly transition into the upcoming changes the Affordable Care Act has mandated. The bottom line is that accurately tracking and counting an employee’s work hours is the first and most important step to adhere to the employer duties according to the ACA. ACA time and attendance systems provide helpful analysis to the payroll department and managers as employee work hours accumulate. AMGtime provides the type of time and attendance software that is a masterful fit for this kind of job. So why waste time, when you have AMGtime on your side?
