Section 6721 of the Internal Revenue Code addresses penalties imposed for the late filing or incorrect filing of information returns, including those related to the Affordable Care Act (ACA) compliance. This section is critical for employers as it defines the financial repercussions for not adhering … [Read more...]

IRS Notice 972CG is issued to employers who fail to meet the reporting requirements under the Affordable Care Act (ACA). This notice pertains to penalties for incorrect or late filings of ACA-related forms, specifically impacting the accuracy and timeliness of submissions like Form 1094-C and Form … [Read more...]

IRS Notice CP504J is an urgent notification sent to employers indicating a serious delinquency in paying the Employer Shared Responsibility Payment (ESRP) under the Affordable Care Act (ACA). This notice signifies a looming penalty which can amount to as much as $500,000, demanding immediate … [Read more...]

IRS Notice CP220J is a formal notice sent to employers who are assessed a penalty for failing to comply with the Affordable Care Act (ACA)'s Employer Shared Responsibility Provision (ESRP). This notice indicates a substantial penalty, often reaching up to $250,000, for non-compliance. Overview … [Read more...]

IRS Letter 227-N represents the conclusion of the Employer Shared Responsibility Payment (ESRP) process under the Affordable Care Act (ACA). This letter signifies that the IRS has made a final determination on the ESRP and that no further action will change the outcome. What Does Letter 227-N Mean … [Read more...]