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Video instructions and help with filling out and completing Fill Form 1094 B Developments

Instructions and Help about Fill Form 1094 B Developments

Welcome to Epstein Becker's greens and AC a managed services co-hosted webinar 88 information reporting unformed 1094 and 1095 dmg getting ready for 2022 we are pleased to introduce cowards gerber president of ACN managed services and Epstein Becker screams Michelle Catawba member of the firm and the employee benefits and healthcare and life sciences practices presenting today's webinars before we begin today's today's presentation please be informed that today's webinar is being recorded and that participants online will be placed on you throughout the program you are also welcome to submit questions during the presentation and directly to the presenters following the webinar and contact information will be displayed at the end of the presentation in approximately two to three business days following the webinar Epstein Becker's readings will communicate the availability of the webinar recording and access to PowerPoint material at this time I'd like to turn the webinar over to house Howard and Michelle thank you for joining us today on our webinar I am Michelle Keveza and I am delighted to be joined today by Howard Gerber president of HP a managed services a full-service HDA IRS reporting hours counting and 1095 auditing company Howie has a very interesting background and is well suited for the ACA industry as he has worked with payroll benefits HR and health insurance for over thirty years prior to starting ACA managed services in 2022 Howard was and still is the president of HR best practices a data-driven healthcare cost management and auditing company he started in 2022 so given his very relevant background I'm sure he'll have some interesting insights and practical ideas to make the 2022 reporting year better than the 2022 reporting year in today's webinar we will take a practical approach in our discussion and address a lot of the data issues that come into play in order to complete the form first Howard pra brief overview of the survey which many of you completed and the key takeaways those results reveals including the main problem areas that will require more attention we will comment on the business case for getting the completed forms right in this penalty environment next we will explore some of the most common pitfalls that employers encountered in completing the forms that were due earlier this year as well as the best practices for getting the formed right for the 2022 filings I will also prsome legal updates later in the webinar including highlights of the new draft form and proposed regulations that were issued over the summer as well as considerations in responding to the marketplace notices which the government has started to issue to employers I will also touch upon considerations in the merger and acquisition context as well as fiduciary and governance issues we will take questions from you at the end and also Howard and I can stay on the line until 2:30 is we need more time or if you'd like to let us know we can discuss later offline as well so Howard let's get started based on this survey that many of our attendees completed take us through some of the key takeaways that the results reveal first it's a pleasure to be here Michelle and during this webinar my goal is to impart a lot of learnings and my company is compiled with our clients over the last two years as we have worked with small clients with as few as 75 employees - a few very large clients with several thousand of employees I can tell you that everyone has the same problems than that of size I look forward to sharing what I've learned with all of you today also thank you to the many survey responders for providing the ACA employer community with your response let's talk about this slide you can see from the first two takeaways there is a lack of confidence in the reports being correct which is really not that surprising from working with our clients last year we realized the amount of effort that employers had to put forward and makes sense that many of you have concerns concerns may be okay during a best-effort year like laughs but this will not be okay moving forward unless paying a penalty is part of your definition of okay for takeaways three and four ironically everyone seems to think their source did is basically okay seventy-five percent completeness an irony here is only 25 percent of respondents would hire an outside firm to do QA I think this speaks to the basic premise that we did it right after all is said and done but you all realize how many ways that are to be wrong unfortunately this is the type of confirmation bias that you and your vendor needs to be aware of and it may get you into trouble next year takeaways five and six are also interesting I think the jury is out as the who will be the go-to vendors everyone is waiting to see what the IRS does and right now everyone has an opinion as to the quality such as data management ACA legal expertise Quality Assurance and data security needed by these vendors net net I think the absolutely biggest takeaway from all the questions we have is that one could surmise that everyone thinks hey it's the other person that got the forms wrong and there seems to be a lot of truck that the large payroll company ERP software product broker or ACA reporting boutique firm my god did it right but then all of you won't be surprised if that's not true that summarizes our key survey respondents for those attendees that would like a copy of our survey summary please send us an email after today's webinar Rachelle explosive Thank You Howard all very important slides as we plan for 2022 just as a refresher as our attendees know the government is using.

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