THE IMPORTANCE OF TIMELY ACA COMPLIANCE IN THE SECURITY INDUSTRY
Jordan Wallach, Belfry Software, CALSAGA Associate Member
As the new year begins, Affordable Care Act (ACA) compliance is a top priority for security firms employing 50 or more full-time equivalent employees. With strict deadlines for filing annual tax and benefits documentation, this is the time to ensure your organization avoids costly penalties and time-consuming audits.
To give you a better idea of the potential costs, failure to offer insurance has a penalty of $2,970 per employee, failure to offer affordable insurance skyrockets to $4,970 per employee, and failure to provide coverage notice can cost a firm owner $100 per employee, per day.
The extreme fluctuation of hours worked by security officers month-to-month can make staying ahead of ACA requirements especially crucial. In this case, the best way to ensure ongoing compliance is proactive management.
Automation tools simplify compliance tasks, providing firms with the confidence to seamlessly navigate complexities. Tools offered by an all-in-one security platform like Belfry help with:
- Full-Time Status Determination: Belfry tracks employee hours in real time, identifying those eligible for health insurance and ensuring timely offers of coverage.
- Form Filings: Automate the creation, e-filing, and mailing of 1094/1095-C forms, eliminating manual errors and meeting IRS deadlines.
- Affordability Calculations: Belfry ensures health plans meet affordability standards, reducing the risk of penalties.
- IRS ACA Audit Support: Receive audit-ready reports and expert assistance to handle IRS inquiries with ease.
For security guard services where hours vary month-to-month, Belfry’s tools take the guesswork out of ACA compliance. Don’t wait until deadlines loom—streamline your processes now to protect your business.
Jordan Wallach is the Co-Founder and CEO of Belfry, the modern operating system for security guard services companies and a CALSAGA Member. Prior to founding Belfry, Jordan was a consultant at McKinsey & Company and a Product Manager at Microsoft, building software used by millions of people worldwide. He has a bachelor’s degree in Data Science from Stanford University.