One of my favorite games is six degrees of Kevin Bacon where players can name almost any actor in Hollywood and trace them back to Kevin Bacon through his co-stars similar to how LinkedIn connects professionals across the world.
The guy has been in a lot of movies with a lot of big actors, however, one of my personal favorites is a relatively unknown flick called “the Air Up There,” where Bacon plays a washed up basketball player who goes to Africa and leads a local village to victory in dramatic fashion.
There is a scene near the end of the rising action where he must go up to the top of the mountain, go into deep reflection, and breathe the air up there to find out his next steps.
In many ways, applicable large employers need to do a similar exercise, and imagine themselves at a high level assessing the horizon ahead, determining what is coming in the months and years ahead for their businesses.
There may be a lot or maybe not because it all depends on several variables, and those who are forward thinking and proactive enough to do their due diligence now will be in much better positions to grow during the next decade than their lackadaisical competitors.
The Affordable Care Act Information Report or (AIR) is just around the corner and thousands of businesses do not even know they are required to submit information returns to the IRS next year first quarter.
It might also be a good move to stock up on oxygen or alcohol if that is your thing because what is beginning next year from a compliance standpoint could suffocate companies unprepared and reflect poorly on their existing professional advisors without a plan for how they will interface with the government early in 2016.
A penalty of $250 per form looms, and many in the insurance industry are without a strategic plan for handling this for their customers despite the near universal expectation being brokers are supposed to handle this whether they like it or not.
CPA’s are the other option, but many want nothing to do with the ACA because the tax code is already complicated enough and candidly ObamaCare is large enough to be its own code when you consider thousands of pages of regulations and the fact the law had 1,693 declarative statements giving the executive bureaucracy unprecedented authority to write critical pieces of the act over time.
Things can also rapidly change as indicated by the fact the penalty for not filing information reports next year doubled in a little known trade bill passed early this summer. With this happening you can expect more to change so keeping up with everything becomes a new challenge.
Meanwhile, we are within weeks of many major vendors shutting down their reporting services to give themselves enough time to have their ducks in a row. This will leave thousands of employers in difficult positions at the end of the year.
While all of these things may seem overwhelming, preparing is simple when partnering with E.D. Bellis to implement a strategy now to reduce penalty exposure and unlike many others out there, we will interface with the IRS so you can maintain compliance with the Federal Government and their various departments and agencies.
If you are a large employer or employee benefit advisor you may have found that the instructions for filling out these forms are many pages long and confusing.
Our five-step process streamlines everything and takes this confusing item off your plate and places it on ours. It begins with a free consultation with yours truly before transitioning into a discovery period to gather the appropriate data and ends with your forms filed electronically with the government.
The IRS forms estimates over 15 minutes per form and one must be filled out for every employee including those who have turned over. This translates to month’s worth of labor for some companies and we can solve this problem in a few hours.
E.D. Bellis is also available to help defend you in an audit to give you the assurance everything is done correctly. To read more about our unique and competitively priced offering, click here and sign up for a no obligation consultation to determine if this service is the right fit for your needs.
Finally, for more on healthcare each week, check out our weekly radio program, America’s Healthcare Challenge, featuring the latest news and brightest minds on the industry every week on 1290 KOIL in Omaha and on their free App. You can hear our previous episodes here.
If you are an employee benefit advisor looking for a solution for your customers, contact us today about joining our network of industry professionals working together to help your customers and attract new prospects. Visit our website for more on how we work in the industry to bring you new values and solve problems.