Jul 27, 2015
Last week we informed you that employers cannot afford to ignore Affordable Care Act (ACA) information reporting responsibilities now that penalties for noncompliance have increased. Employers subject to the ACA information reporting provisions must report for the first time in early 2016 for the 2015 calendar year. Today, the Internal Revenue Service released new guidance regarding electronic reporting, including:
What this means to you –Employers subject to the ACA information reporting requirements are subject to large penalties for failure to comply. Large employers with 250 or more employees and employers who choose to electronically file should review the guidance to ensure compliance for 2015 reporting and avoid the increased penalties.