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ACA Reporting Deadlines & Penalties

ACA Reporting Deadlines & Penalties

The deadlines for ACA reporting for the 2017 tax year are:

Paper Filing
with the IRS
Copies Due
to Employees
Electronic Filing
with the IRS
February 28, 2018 March 2, 2018 April 2, 2018

If you are filing more than 250 forms, you are required to file electronically. Otherwise, you can choose paper or electronic filing.

Avoiding Filing Penalties

The IRS has made it clear that it intends to enforce the ACA provisions as long as the law remains in place. Penalties can apply for a variety of reasons:

Failure to furnish recipient statements
Failure to file on time
Failure to file electronically when required to do so (if filing 250 or more forms)

For tax year 2017, the IRS penalty for failing to file complete and accurate ACA forms by the deadline can go as high as $260 per form, with a maximum of about $3.2 million for larger companies (gross receipts >$5 million) and about $1 million for smaller companies. The amount of the fine depends on how late you file: $50/form if filed within 30 days of the deadline, $100/form if filed beyond 30 days late but before August 1, and $260/form if filed after August 1. These same fines also apply for failure to provide copies to employees.

Outright failure to distribute or file a 1905-C is twice as costly — up to $530 per form, with no upper limit.

Be Aware of the Employer Shared Responsibility Provision, Too

The IRS reporting deadlines aren’t the only dates employers need to heed. If you have 50 or more full-time (or full-time equivalent) employees, you must provide qualified health coverage to 95% of these employees to avoid liability under the ACA’s shared responsibility provision. This requirement applies to each month of the year: If you fall below 95% for any given month, you’re at risk of being fined.

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