Deadlines & Penalties
The IRS is not known for going easy on those who ignore tax-filing regulations.
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.
Jan
31
Last day to provide
ACA form copies to
your employees
Feb
28
Last day to file paper
ACA forms with the IRS
(max of 250 forms)
Apr
1
Last day to e-file ACA forms
with the IRS (mandatory
for 250+ forms)
The Price of Being Late
Penalties for not filing ACA reporting forms can add up fast even for small employers. Here’s how they break down:
| |
|
MAXIMUM PENALTY |
DATE RETURNS
FILED/FURNISHED |
PENALTY
PER FORM |
SMALL BUSINESSES
(gross receipts <$5 million) |
LARGE BUSINESS &
GOVERNMENT EMPLOYERS |
| 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 |
Intentional disregard
for deadlines |
$540 |
No limit |
No limit |