Trusaic, a leading innovator in data solutions for regulatory compliance, announced the launch of its new Free ACA E-File product with Penalty Risk Assessment. This new software solution is the only free product on the market that identifies penalty risk before the filing is transmitted to the IRS for approval.
Most Human Resources professionals tasked with managing Affordable Care Act (ACA) compliance face a complex process in identifying employees who should receive health coverage under the ACA, and accurately tracking the corresponding coverage offers. Notably, companies with a large number of hourly employees or a high rate of workforce turnover, the process is difficult to manage and is often fraught with potential for error.
Trusaic’s revolutionary Free ACA E-File solution with Penalty Risk Assessment identifies errors by replicating the checks run by the IRS to detect out-of-compliance organizations; this enables HR professionals to correct any issues and submit their organization’s 1094-C/1095-C filings for ACA reporting more quickly and with a higher level of accuracy.
“With the pandemic and the global recession, we realized we had a big opportunity,” explains Robert Sheen, CEO and founder of Trusaic. “We decided we could leverage our technology prowess and our unmatched expertise in data, analytics, and regulatory compliance to offer a free service to businesses looking to save money and feel confident about what they sent to the IRS, giving them peace of mind in a time when it’s really needed.”
Small mistakes in ACA filing can result in costly penalties approaching millions of dollars for the reporting organization, and most self-completion ACA software solutions do not offer the capability to identify or prevent IRS penalty risk. Trusaic’s Free ACA E-File product dramatically reduces the margin for error with the only built-in penalty risk analysis feature on the market.
In order to ensure full compliance under the law, HR professionals must first organize and clean large amounts of data from disparate data sources, and then use that clean data to make calculations — all while applying the ACA law correctly. Issues with data entry, overwriting errors, inaccurate control group analysis, and missing values can result in inaccurate or incomplete data which is virtually undetectable by employees. Ultimately, such errors lead to out-of-compliance filings and inaccurate reporting to the IRS.
“I’ve found Trusaic’s free Penalty Risk Assessment to be very helpful to the clients I serve, and I recommend it highly,” says Debra DeSpain, Assistant Vice President of Employee Benefits at Keenan and Associates. “When it comes to the risk my clients face, Employer Shared Responsibility Penalties (ESRP) are becoming more concerning as the amounts assessed and collected continue to grow each year. For many of my large, hourly-wage, high-turnover clients, this requires they outsource their ACA compliance, but for my simpler large clients with mostly salaried staff and low turnover, they can use Trusaic’s Free ACA E-File product with Penalty Risk Assessment to feel confident that what they are transmitting to the IRS is accurate – at no cost, which is extremely helpful during difficult budgeting times.”
Trusaic boosts confidence for HR professionals by insulating the entire company from substantial fines that can result from human error and process failures. The free filing feature embedded into Trusaic’s Free ACA E-File product can further reduce costs, especially critical for organizations facing financial hardship during the economic turbulence of the global pandemic.
Many organizations lack the capability to reconcile inconsistencies between data silos. Trusaic’s Free ACA E-File product provides a single source of truth to circumvent these issues and prevent incorrect filings before final submission to the IRS.
“I really like the Free ACA E-File product from Trusaic,” says Derek Moore Senior Vice President with Venbrook Insurance Services. “They did such a great job making it super simple, and the fact that it identifies coding, compliance, and other errors is a real game changer.”