Getting ready to report NJ ACA mandate? Check your systems compatibility

While most NJ operators have been using some kind of systems in the past to meet federal filing, there are steps they can take now to ensure their first time effort for additional state level filing requirements are also completed on time. Normally, for any company, the first time effort does require careful planning and execution.

The primary outcome of planning step should be to identify ACA solution of choice that is compatible with existing systems. Obviously, in order to get to the best choice, the planning process should cover

Once the recommended option is chosen, then execution process can take standard steps that exist within the business operation.

Firstly, here is the lay of the land in compatibility scenarios that can exist with current systems:

If the current systems produce 1095 forms in paper or PDF: The compatible ACA solution should first convert them electronically and then transmit to the state electronically to the W2 processing system.

If the current systems produce 1095 forms in XML format: The compatible ACA solution should process XML data and then transmit to the state electronically to the W2 processing system.

If the current ACA system does not have interface with NJ W2 processing system: The compatible ACA solution should first download into an intermediate file format, for instance, excel format and then transmit to the state electronically to the W2 processing system.

Secondly, Analysis of current systems should help NJ businesses choose the right ACA solution from 2019 onward. Unlike many traditional vendors that are big, the marketplace has certain niche ACA software vendors that provide compatible solution with existing systems. These ACA solutions in fact eliminate unnecessary intermediate steps that can come from any of the above three existing scenarios.

Finally, the Synthesis step that leads to recommended option should help NJ businesses save cost. Ideally, the ACA solution of choice should be compatible with the existing systems. It will save business resources from creating unnecessary intermediate steps alone.

In conclusion, while NJ businesses are getting ready for NJ ACA mandate, they face a choice to look at the current systems compatibility and select a course of action that will help them contain costs in the years to come. That course of action is to choose the right ACA solution for 2019 ACA reporting.

Yes, this is tricky because it is a kind of chicken and egg problem — the ACA solution of choice depends on the existing systems; and the existing system compatibility depends on the ACA solution of choice.

If you’re looking for a compatible ACA (1095, 1094) reporting solution including NJ ACA mandate, or you already have one for your business, we want to hear from you. You can get in touch with me on Twitter @Joe2969

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