This is the first year that the IRS will be officially responsible for conducting ACA audits. As these officials will be more driven than ever before to investigate any complaints or reports of non-compliance, it is more imperative than ever that your business be ready to cooperate with any and all audit requirements. This means taking a few extra steps to ensure that, at any time, you are ready for an unexpected visit. Having all of your ducks in a row will save time and make a visit from the IRS a more positive and efficient experience for everyone involved, and can potentially save your business a great deal of money.
Preparing Before An Audit
Keep meticulous records of your healthcare and benefit plans and enrollments. Also consider keeping a file for all communications with your benefits advisors, especially those that demonstrate your efforts to comply. This is proof of ‘good faith’ should you ever need it. Additionally, consider developing an audit response team
During an Audit
You’ll need to include key people in your response team. Employee Benefit News reports here on who should be involved and how communication should occur. Should you receive notice that your business will be audited, these key people should immediately take action to ensure your readiness. Don’t forget to keep a record of everything your team submits to the IRS.
After the Audit
Keep files of everything, because ACA compliance will be ongoing. The best way to prepare for the threat of more audits is to keep records of everything so that when the time comes, you have everything you need without having to scramble to produce evidence. Staying organized is the ultimate way to stay prepared.
Stay in the Loop
For more the latest in ACA, USDOL, and IRS updates or for information about implementing an effective employee benefits program and ensuring ACA compliance, call your Taylor Insurance Services expert today. Don’t have a Taylor Agent? We’d love to get you connected to the Power of T. Call us today at (229) 247-6411. Our knowledgeable experts are ready to help you get the most out of your employee benefits program and develop strategies that both recruit and retain top-notch talent.
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