This post was updated on Dec. 3, 2018
The IRS has released drafts of the 2018 1094/1095-C and 1094/1095-B forms. The release of these documents is another clear message from the IRS that it’s continuing to enforce the reporting requirements of the Affordable Care Act (ACA), which applicable large employers (ALEs) are subject to.
If you’re an employer that’s never offered health care to your employees before, the idea of doing so might feel a bit daunting. However, there’s no reason to let this fear get the best of you.
The IRS continues to add to the 30,000 Letter 226-J penalty notices it has already sent to applicable large employers (ALEs) who failed to comply with the Affordable Care Act’s (ACA) employer mandate in the 2015 tax year. Now, the agency is also preparing to send out notices for 2016.
If you believe you’re in the clear because you didn’t receive a notice for 2015, let this serve as a warning: You’re not out of the woods yet.
Despite vast efforts by the Trump administration, the Affordable Care Act (ACA) remains pretty much intact. And while the fate of the ACA could very well be decided at the midterm elections, employers must come to grips with the fact that, as of right now, there will be consequences for anyone who fails to comply with ACA regulations.
The Affordable Care Act (ACA) is not going away any time soon. And, after three reporting seasons, the law has proven to be more difficult for some industries than others. One industry dealing with tricky rules is staffing agencies.
If you’re an applicable large employer (ALE) and you didn’t receive a Letter 226-J from the IRS for failing to comply with the employer mandate for the 2015 tax year, that doesn’t mean you’re safe from future fines.
As many polls forecasted leading up to the midterm elections, the Democratic Party took back the House of Representatives and is now holding a majority with at least 220 seats. While Democrats failed to secure the Senate, the party did manage to maintain at least 44 seats, leaving them a strong minority.
When it comes to taking action against businesses that failed to comply with the Affordable Care Act (ACA), the IRS means business.
Has one of your clients received an Affordable Care Act (ACA) penalty? Are they confused? Worried? Concerned? Are they turning to you for answers?
If – or when – employers receive Letter 226-J, do you know how to help them respond? We hope so – for your clients’ sake.
The IRS is continuing to send Letter 226-J to employers for 2015 ACA reporting and employers are turning to trusted advisors for help. One of those advisors is often an employer’s payroll provider, especially since up-to-date payroll data is critical to ACA compliance.
But, with ACA penalties being issued, payroll providers are changing best practices to navigate the shifting requirements that come with Letter 226-J. So what does this mean for employers?