Commentary: While the merits of the Affordable Care Act are still being debated, the ramifications of the reporting required by the IRS to support it are being felt by many. Organizations with 50+ employees will need to prepare new reports which will require information found in HR, benefits, accounting and payroll systems that traditionally do not easily exchange data. The options to compile the data necessary from these sources are limited. While many are upgrading systems completely to meet their needs, others are manually re-keying the necessary data. Neither option is great and both can lead to costly errors. Because of the difficulty associated with collecting data, the Congressional Budget Office is expecting filing errors to be the ACA’s single largest revenue generator over the next decade.
Also see: “Employers face looming ACA reporting deadline.”
