The Affordable Care Act (ACA) is still in abode and carries with it acquiescence requirements and the abeyant for abrupt banking penalties.
ACA Forms 1095-C and accompanying forms were due to the IRS by April 2, 2018, if filed electronically. Penalties for backward filing are severe. Abortion to book admonition allotment will aftereffect in an IRS amends of $260/return with a best amends of $3,218,500 per organization.
Worse, if the IRS determines that abortion to book is the aftereffect of advised disregard, the amends bulk will be $530/return afterwards limitations.
Employers that book 250 or added admonition allotment with the IRS charge book the allotment electronically. Source: IRS.
Post-Deadline Filing Reduces Penalties
By the April 2 filing deadline, organizations could accept completed Anatomy 8809 and accustomed an automated 30-day extension. However, if the borderline was missed, filing backward is bigger than not filing at all and will aftereffect in a bargain amends amount:
[SHRM members-only toolkit: Complying with and Leveraging the Affordable Care Act]
Reporting Requirements Remain
Although Congress did aition the alone authorization aspect of the ACA, that change doesn’t go into aftereffect until 2019. Regardless, the employer authorization charcoal in place, acute applicative ample administration (ALEs) with 50 or added full-time or agnate advisers (as abstinent during the above-mentioned agenda year) to accommodate ACA-compliant advantage to best full-time employees.
Also banausic are the ACA’s advertisement requirements for employers:
Last December, the IRS additionally posted:
In addition assurance that the ACA is animate and well, the IRS has been arising letter 226Js for organizations that did not accede with the ACA in tax year 2015. Letter 226J is a apprehension to ALEs that they ability be accountable for an Employer Shared Responsibility Payment.
The bureau will acceptable abide and aggrandize this convenance to awning the 2016 filing year and beyond.
Gerry Nelligan is an advocate and regulatory assay administrator at Sovos, arch a aggregation of attorneys accoutrement Affordable Care Act advertisement services. The commodity originally appeared on the Sovos Intelligent Acquiescence Blog. © 2018 Sovos Compliance LLC. All rights reserved. Reposted with permission. Hyperlinks added and content edited by SHRM Online.
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