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It’s a common refrain: “ERISA sounds familiar, but…”

ERISA is the Employee Retirement Income Security Act, a federal law that governs the structure of employee benefit plans.  Failure to comply is complicated and costly.  ERISA covers many types of employee benefits including health insurance, FSAs, life insurance, wellness programs, and more.  If you offer any type of employee benefits, there is a good …

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Understanding Penalties for ACA Non-Compliance

Under the Affordable Care Act (ACA), applicable large employers (ALEs) across the United States must offer affordable health insurance options to their full-time employees. An ALE is any company that employs an average of at least 50 full-time workers. To enforce the legislation, the federal government fines companies that fail to provide affordable health plans or meet …

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ACA Reporting Penalties and IRS Letters

SyncStream has retained a number of leading experts on the Affordable Care Act who have helped thousands of companies mitigate their ACA penalties. Penalties for Employer Mandate (4980H) or Employer Reporting (6055 & 6056) including but not limited to: Noncompliance Late Filing Failure to file “Potential” noncompliance Letter 5699, Missing Information Return Form 1094/1095-C, is …

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The IRS is enforcing additional ACA penalties: Are you at risk?

Written by Stacy Barrow, Chief Legal Consultant, SyncStream Solutions What’s worse than one penalty? Mounting penalties. As we are several years into compliance with the ACA’s employer mandate, you may have received, or are familiar with other companies receiving, a Letter 226J penalty notice from the IRS if the IRS determines that, for at least …

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Employers: It’s not too late to complete your ACA filings

Written by Stacy Barrow, Chief Legal Consultant, SyncStream Solutions The final deadline for Affordable Care Act (ACA) reporting was on March 31, 2021. Are you an applicable large employer (ALE) that missed this e-filing deadline for ACA Forms 1094-C and 1095-C? If you’re uncertain about the ACA reporting requirements and deadlines, here’s a quick breakdown: …

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DOL Releases Model Notices on COBRA Premium Assistance

On April 7, 2021, the U.S. Department of Labor (DOL) released a link to its webpage dedicated to the COBRA premium assistance authorized under the American Rescue Plan Act, 2021 (ARPA), the third COVID-19 stimulus bill.  The webpage includes model notices, frequently asked questions, and related information.  With the exception of the model notices, the guidance appears targeted …

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The 2021 Dates Deadlines for 2020 ACA Reporting are Imminent

Written by Sync-Stream Solutions on February 9, 2021. Employers should keep in mind that the 2021 deadlines for 2020 ACA reporting are looming. Every year since 2015, the IRS requires that Applicable Large Employers, companies with over 50 full time equivalent employees, are required to offer affordable coverage to their eligible employees, and furnish 1095-C forms …

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