The time is now to start preparing for the new ACA tax reporting requirements. While many are standing by, hoping the regulations will go away, deadlines for the new tax reporting requirements are fast approaching. ACA tax reporting obligations will require a significant increase in tax forms and transmittals. It will also involve more than one of your internal departments, including tax compliance, human resources, finance and information technology. These new reporting regulations will demand more time and energy from these departments, pulling their attention away from other business priorities. Those who are taking a proactive approach will be in the driver’s seat to ensure tax reporting compliance for their employees and their businesses.
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