This year many employers will be required to do 1095-C reporting in order to be compliant with the Affordable Care Act (ACA). One of the first things to consider is what do I need to do to be compliant for year-end reporting? In other words, find out what is required for year-end reporting for your specific company by reviewing the ACA laws. If you are using Microsoft Dynamics® GP with Payroll, please review these three action items below to help prepare yourself.
Install the March Hotfix
The first item to take care of is to make sure to install the March hotfix if you are on Dynamics GP 2013 or higher. The March Hotfix is needed in order to do the printing of the 1095-C. If you installed the Payroll year-end update at end of 2014, then you have the ability to track the 1095-C information, however, you can’t print or edit the 1095-C without the March Hotfix.
You also will need to make sure that you have the Human Resources (HR) module installed as this data is entered into the HR module, not the payroll module. In order to do the 1095-C reporting, you would want to install the HR module, enter dependent information, enter ACA codes in the HR benefits window and print the 1095-C form to validate the information. (Please contact your Dynamics GP Partner to assist you with implementing the HR module and installing the March Hotfix.)
Upgrade to a Newer Version of Microsoft Dynamics GP
If you’re currently on a version of Dynamics GP earlier than 2013, such as GP 2010 or GP 10, you will need to upgrade your solution. The fields that are required to be ACA compliant are not available in earlier versions, and you also need to be on a newer version to receive the Payroll Tax Updates.
Know if You Need to File Electronically
The last item you need to consider is whether or not you need to file electronically. If you're a large employer that has 50 full-time equivalent employees or more, you will need to do the 1095 forms, and can print them from Dynamics GP. However, if you need to file electronically, you may need to consider contacting a third-party vendor to help with electronic reporting as Dynamics GP doesn’t provide that functionality. The third-party vendors we recommend reviewing would be either GreenShades or Integrity Data. Both offer strong integrations to Microsoft Dynamics GP and help you streamline the process of year-end reporting.
Be sure you are planning now for the new rules and regulations brought about by the ACA in order to reduce additional work and avoid costly IRS fees. A partner like The Resource Group can help you become compliant with ACA regulations. Contact us for more information.
by Carol Livingston, The Resource Group