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What Does “Compliance” Mean to You?

By: Ken Kubica, Manager of Estimating, Diamond Communication Solutions

Every company has a responsibility to develop and comply with a multitude of regulations and requirements. However, “compliance” has a range of different meanings based on your industry and your role in the organization. Regardless of your interpretation, security officers, HR directors, and CFOs alike are recognizing that compliance is an important part of their business and risk-management strategy.

As companies end their calendar year, they are now focusing on their upcoming compliance requirements for January and the tax season, including the generation and distribution of various year-end reporting documents.

With the introduction of the Affordable Care Act, there are new information-reporting requirements that began with tax year 2015:

For employers: A 1095-C statement is required to be provided to all employees as proof of health insurance coverage.

For insurance companies: A 1095-B statement needs to be generated and provided for those covered under their plans.

Most of these forms are printed and mailed, but a portion of these documents are electronically produced and delivered to the recipient. While January tends to be “year-end reporting season” for most of you, there are other information-reporting requirements, such as 1042-S and 5498 statements, that are produced in March, April, and May, respectively.

Diamond Communication Solutions has been producing information-reporting statements since tax year 2004. For tax year 2015, Diamond produced nearly 23 million information-reporting statements on behalf of our clients.

Outsourcing the processing of information reporting enables your staff to spend more of its time focusing on the needs of your business. At Diamond, we provide complete information-reporting services. Simply transmit a data file to us and we will manage the data processing, production, and distribution of information-reporting statements from start to finish.

For more information on our reporting services, please contact your account representative or call 630-597-9100.