Our Compliance Consulting Firm Can Help You Get Your Business Organized

There are quite a few reasons why business owners of all types reach out to consultants like www.bc2co.com. Many aspects of running a business require additional outsourced help without necessarily adding people to the payroll. It certainly is beneficial when you have consultants on your side to act quickly, help you problem solve, figure out solutions and find avenues for growth. Compliance is also key, and our compliance consulting firm is ready to serve you.

What is compliance all about? Well, if you are reading this post you probably have some idea but let’s pretend you don’t because there are many compliance issues that can arise, but let’s first talk about taxes. How do you feel about your taxes? Business owners can feel great about keeping the books and day to day operations, but when it comes to tax time, each new year can be a major headache. Not to mention, it’s not just the end of the fiscal year when business owners have to concern themselves with taxes. After all, you are making quarterly tax payments, filing receipts and keeping up with taxes throughout the year, aren’t you?

Do you need any documents prepared? Maybe you have been finding yourself with ongoing tax questions, and our compliance consulting firm could make things easier on you. It would be easier on everyone if taxes weren’t so difficult, right? There are people talking about wanting to change the tax laws, but we will see. Until then, we are here to serve you anytime you need consulting on any matters related to compliance issues.

What do you know about ERISA compliance? This has everything to do with employee benefits. We can even help you provide the best solutions of course. We will evaluate your business based on compliance laws and regulations and will help you determine how you need to move forward. Of course we aren’t in the business of compliance to out you as the business owner through the ringer. We want to help you succeed, and we are here to show you our undivided attention and dedication to finding the best and most affordable solutions for your business.

It matters who the compliance firms are networked with when it comes to helping you get things done. With the right connections, and we do have them, we can help you with all kinds of situations. What is your biggest concern right now? Where would you like us to get started? The introduction to our services began with tax compliance because that is an area where many business owners feel they need help.

Properly orientating, training and providing benefits to employees is also key as mentioned. Is your facility meeting safety standards? You don’t have to be told that this is huge. If there is anything wrong, it needs to be fixed. Safety standards must be revisited all the time to be sure your business is handling everything appropriately. What other kinds of compliance issues can arise? Why else would you need the services of our compliance consulting firm?

You can be sure that you are even going to find out more about what we can do for you when you call us. We will handle all of your questions. If there is something we can’t do, we can tell you why and still help you try and figure out what to do. We want to see you succeed as a business owner and not have to worry about compliance issues anymore. You can continuously consult with us as you see fit or check in with us again when you need our services in the future.

Understanding compliance can even be a little difficult if you are new to the game. That is even more of a reason to reach out to us so that we can go over all the concerns you have. Maybe a recent event has you questioning whether or not you need consultants to run a compliance check on your business. Don’t leave anything undone, and let us tell you if there are changes that need to be made. Perhaps you are told changes are necessary, but you don’t know what to do next. We can help you figure that out, too. For everything concerning compliance, we can assess what is going on and what is needed.

We are here to serve and help your business succeed with benefits compliance needs.

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Benefit Plan Penalties: Employers to Face Steeper Benefit Plan Penalties for Non-compliance

Benefit plan penalties could soon see an upward adjustment to account for inflation. Most of these benefit plan penalties have not seen any updates for years. It is the duty of benefit plan managers to ensure that their benefit plans meet all employee-notice and administrative requirements. Failure to meet the requirements will attract higher penalty assessments.

On the first of July, an interim final rule was published by the United States Department of Labor (DOL). It contains the list of adjusted penalty amounts for those contravening the Employee Retirement Income Security Act (ERISA), the Fair Labor Standards Act (FLSA), the Family and Medical Leave Act (FMLA) among other employee benefit as well as pay laws and statutes.

According to Kim Buckey, DirectPath’s Vice President of compliance communication based in Birmingham, the list of adjusted penalties will see agencies increase their efforts towards enforcement. DirectPath is an employee engagement as well as health care compliance firm. She also pointed out that employers should take this as a significant sign to make them look into their processes and notices to ensure that they are in compliance.

Penalty assessments arise following a complaint filed by an employee. They also arise when agencies find any shortcomings during routine audits or other forms of investigations. According to Buckey, employers would be at an advantage if they were to detect these problems and address them rather than being caught unaware.

Various government departments will be involved in assessing the new penalties. These include the Department of Labor (DOL), the Equal Employment Opportunity Commission (EEOC), the Internal Revenue Service (IRS) among others. The assessment begins on August 1 and will cover violations that took place after November 2, 2015.

These penalties will now be subject to annual inflation adjustments. The adjustments will be linked to the consumer price index, which will be announced on or before January 15 each year. The increase in penalties will reflect the period of time they have not had any change, with some being last adjusted back in 1997 and others in 2003.

Healthcare Penalty

Employee Notices

When it comes to employee notices, requirements for summary plan descriptions as well as health plan summaries of plan descriptions are well known to plan sponsors. However, one area where employers lack awareness is in regard to availing information on available State CHIP (Children’s Health Insurance Plan) coverage opportunities. It is the duty of the employer to issue annual notices to employees informing them of the available coverage opportunities.

Failure to provide this information to employees attracts a penalty of $110 per employee per day, up from $100. According to Buckey, utilizing a long list of penalties can aid in checking that employers meet all requirements. She also adds that employers could produce and issue annual legal notices brochures, ensuring all are captured and sent out.

Self-Audits

This is an opportune time for employers to carry out self-audits of the practices involved in ensuring plan compliance. This would include gathering all the necessary documentation needed and ensuring all administrative processes required are being followed.

When it comes to the late filing of Form 5500, the employer is charged $10 per employee per day if they are able to identify it and file correctly under the delinquent filer program offered by the DOL. Also, the upper cap limit is $2,000. However, if the uncovering is done by the agencies, the maximum penalty lies at $2,063 per day, this having risen from $1,000. Also, there is no upper cap limit.

Also, according to Buckey, employers can prove good-faith effort if they are found fixing an error that they uncovered. This is likely to lead to a lower assessment. When applying a penalty, agencies look for various factors. These include:

1. The seriousness of the employer’s misconduct.
2. The employer’s violation history.
3. Nature of the violation: whether accidental or intentional.

Buckey continues to advise employers to get to the root cause of errors. If for example a pattern of errors is unearthed, the employer should look into the pattern of errors and why it occurred.

Self-audits present a good opportunity to examine the strength of the employer’s communication and processes. For example, when sending out a notice, an employer should be in a position to provide an adequate explanation of what the notice means and how it relates to the cover being offered by the company.

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