For those who think the chance of being assessed penalties for non-compliance with the Affordable Care Act are slim to none, think again. The IRS’ efforts to enforce the ACA’s employer mandate are alive and kicking. Since late November 2017, the IRS has been sending out proposed penalty notices to companies they believe were not
The IRS is starting to notify employers of their potential liability under Obamacare’s employer mandate for the 2015 calendar year. According to the IRS, the determinations are based on the employer’s 1094-C/1095-C informational returns filed for the 2015 tax year as well as individual tax information filed by the employer’s employees.
The IRS will notify
As employers are well-aware, the Affordable Care Act (ACA or “Obamacare”) imposes certain minimum employee health insurance coverage requirements for employers that employ 50 or more fulltime employees (aka “applicable large employers”). Employers who do not meet the employee coverage mandate face statutory penalties for non-compliance. In the face of these additional costs, some employers
On Friday, November 18, 2016, the IRS announced an automatic extension of the Affordable Care Act deadlines for distributing the 1094-B/1095-B and 1094-C/1095-C forms to employees. This relief gives applicable employers an additional 30 days (from January 31, 2017 to March 2, 2017) to deliver these forms to employees. This relief only applies for the
Many employers in the past have offered employees cash to reimburse the purchase of an individual policy from a private insurance carrier or on the Marketplace (aka the Exchange) or for other substantiated medical expenses in place of employer sponsored group health coverage. However, the federal government has recently taken the position that such an