Employers who fail to comply with the Affordable Care Act (ACA) reporting requirements may receive IRS Letter 226-J, imposing a penalty of $2,700 per employee. This letter serves as the initial notification informing employers that they may be liable for an Employer Shared Responsibility Payment … [Read more...]
Decoding ACA Codes for Form 1095-C: A Comprehensive Guide
For employers subject to the Affordable Care Act (ACA), completing Form 1095-C accurately is crucial to maintaining compliance and avoiding costly penalties. At the heart of the form are Series 1 and Series 2 codes, which provide the IRS with essential details about the health insurance coverage … [Read more...]
What Defines a Full-Time Employee Under the ACA?
Determining who qualifies as a full-time employee under the Affordable Care Act (ACA) is more complex than it appears. However, getting this calculation right is crucial because it determines whether an organization qualifies as an Applicable Large Employer (ALE). ALE status is the key to … [Read more...]
Understanding ACA Reporting Penalties for the 2024 Tax Year
The Affordable Care Act (ACA) imposes specific reporting requirements on employers, and failing to meet these obligations can result in substantial penalties. As we head into the 2024 tax year, it’s crucial for employers to understand the potential consequences of non-compliance and take proactive … [Read more...]
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