The Employer’s Guide to Meeting Reporting Requirements
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Between the continued debate in Washington, efforts to “repeal and replace” and the recent Tax Act, you may wonder where the Affordable Care Act (ACA) stands. To cut through the confusion: None of these developments changed the responsibility of employers to prepare and report.
The Tax Cuts and Jobs Act of 2017 only modified the individual mandate, removing penalties for individuals who don’t purchase insurance on the ACA exchange, effective 2019. For applicable large employers (ALEs) with 50 or more full-time (or full-time equivalent) employees, however, the ACA obligations remain unchanged. You must file the proper 1095 forms with the IRS and send summary statement to employees by the 2019 deadlines.
Not only that, but the IRS remains steadfast in its enforcement initiatives. Noncompliant employers could face costly penalties for failing to meet the obligations.
The deadline for providing ACA tax reporting forms to employees is January 31, 2019. Will you be ready to file? Download this free e-guide to learn what you should do now to prepare and report for the upcoming tax season.
This e-guide includes:
The agency has made it clear that it intends to levy ACA penalties as long as the law remains in place.
Follow these key dates to make sure you don’t get hit with the costly penalties described below.
Penalties for not filing ACA reporting forms can add up fast even for small employers. Here’s how they break down:
(gross receipts <$5 million)
|LARGE BUSINESS &
|Up to 30 days late||$50||$196,000||$545,500|
|> 30 days thru August 1||$100||$545,000||$1,637,500|
|After August 1||$270||$1,091,500||$3,275,500|
|$540||No limit||No limit|
At ComplyRight, our mission is to free employers from the burden of tracking and complying with the complex web of federal, state and local employment laws, so they can stay focused on managing and growing their businesses.
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