Since the Affordable Care Act (ACA) became law, the IRS has administered over 40 provisions regarding implementation of ACA. Applicable Large Employers (ALE), those with more than 50 FTEs are required to stay complaint. If an ALE does not offer coverage to all of their full-time employees, or offer unaffordable Minimum Essential Coverage or offer plans with high out-of-pocket costs could face tax penalties. The employer might also be subject to a tax penalty if there is at least one full-time employee certified as having purchased health insurance through an exchange and who eligible for a tax credit or subsidy.
Our integrated system called iSolved helps reduce exposure to compliance-related penalties by providing reports to confirm full time and variable employee status and produce the required annual filings required by the IRS. As industry experts, Big Fish Payroll helps you stay on top of relevant news, updates, and legislation to ensure your compliance.
Required reporting will be done via four IRS forms:
- 1094-B (Transmittal of Health Coverage Information Returns)
- 1094-C (Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns)
- 1095-B (Health Coverage)
- 1095-C (Employer-Provided Health Insurance Offer and Coverage).
ALEs will need to file Forms 1094-C and 1095-C, while the coverage provider or self-insured plan sponsor has the legal obligation to furnish forms 1094-B and 1095-B to the plan participants.
Big Fish is proud to partner with an industry leading national 401(k) administration company, Ubiquity Retirement + Savings™ (formerly The Online 401(k)).
Ubiquity is a leader in design, set up, and administration of plans specifically tailored to small and midsized employers. Items such as pre-packaged investment choices, safe harbor provisions, and a web based system for your employees to manage their investment choices make Ubiquity a great choice.
Additionally, because of the relationship we have established, each pay period Big Fish will automatically send your employees’ elected contribution amounts to be withheld to Ubiquity, and the collection of those investment funds is completed automatically, without you having to write a check or send in any reports.
Should you elect to have your 401(k) plan administered by a company other than Ubiquity, Big Fish will track and generate the required reporting you will need to communicate with your current provider.
Ubiquity offers 3 levels of plans dependent upon your requirements.
To learn more: Ubiquity – 401(k) Guide
To visit their web site: Ubiquity
Big Fish Payroll Services LLC is not licensed to sell or offer investment products.
COBRA compliance is always evolving as new legislative requirements of Benefits Administration occur. As an employer you must maintain documentation, update required notices, track dates and keep up with legislative and regulatory changes. When your COBRA compliance program isn’t managed properly, you are exposed to possible IRS excise tax issues, ERISA penalties, litigation, and possibly becoming self-insured for claims. COBRA errors have severe consequences, some of which could put a well-intentioned employer out of business. Big Fish Payroll, with our partner Infinisource, will ensure you are staying compliant with COBRA Administration by assisting you in the process.
- Reduced risk
- No software to maintain
- Experts a phone call away
- Gain time to focus on business
- Reduced claims increase your bottom line
- Processing of electronic forms and data tracking to ensure timely response
- Distribution of notification, correspondence, election packets and COBRA termination notices
- Open enrollment for COBRA beneficiaries
- Online Employee Self –Service account with available open enrollment
- Website access to view notices, invoices and payment history
- Dedicated phone number with extended hours
- Service representatives trained to thoroughly review and handle every inquiry
Flexible Spending Account
Flexible Spending Accounts (FSA) is an IRS code section 125 Cafeteria Plan that enables employees to pay for eligible expenses on a pre-tax basis. Benefits cost are controlled without restricting choices. Big Fish Payroll, with our partner Infinisource, provides administration in the following areas:
- Plan design consultation
- Debit cards
- Section 125 Cafeteria Plan documents
- Online forms
- Summary Plan Document
- Two-day claim review
- Online employee enrollment
- Electronic or spreadsheet enrollment
- Dedicated account manager
- Online employer reports
- Direct deposit
- Online nondiscrimination test
- Website access
- Certified Flexible Compensation (CFC) experts on staff
- Live chat, website and call center support
Health Savings Administration
A Health Savings Account (HSA) is a tax-exempt trust/custodial account established exclusively for the purpose of paying qualified medical expenses of the account beneficiary. HSAs were created to engage health care consumers to make better health care cost decisions.
- Lower premiums for high deductible health plan
- Potential for tax savings if offered through a cafeteria plan
- Contributions made electronically
- Helps attract and retain employees
- Experienced, nationally recognized administrator
- Pay fewer taxes
- Checking account
- Debit card
- Mutual plan options (available with $1,000 minimum deposit)
- Certificates of Deposit (available with $1,000 minimum deposit)
- Monthly statements for checking accounts and certificates of deposit
- Quarterly performance update
- 24/7 Internet account access