ACA Reporting
ACA Compliance Lessons Learned From Recent Reporting Seasons
Common themes emerge when reflecting on recent ACA reporting seasons that can help employers reduce administrative burdens and improve accuracy.
ACA Reporting
Question of the Week - Are there penalties for late ACA filings?
Q.- We didn’t realize we had to file our ACA forms electronically and our paper forms were not accepted by the IRS. Are there penalties for filing late?
Simplify ACA Reporting with Our Affordable and Accurate Solution
Q.- We didn’t realize we had to file our ACA forms electronically and our paper forms were not accepted by the IRS. Are there penalties for filing late?
A.- Yes. For 2023 returns and statements filed and furnished in 2024, the penalty for not filing electronically is increased to $310 per return, with a maximum penalty of $3,783,000 ($1,261,000 for smaller filers). Correcting failures within 30 days reduces penalties to $60 per return or statement, capped at $630,500 ($220,500 for smaller filers). Corrections made by August 1 result in reduced penalties of $120 per return or statement, not exceeding $1,891,500 ($630,500 for smaller filers). Penalties increase if there’s intentional disregard for filing requirements.
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This article is for informational purposes only and is not intended as legal, tax, or benefits advice. Readers should not rely on this information for taking (or not taking) any action relating to employment, compliance, or benefits. Always consult with a qualified professional before making decisions based on this content.
FSA / HRA / HSA
FSA Reimbursement for Non-Covered Spouse
Health FSA funds may generally be used to reimburse eligible medical expenses for a spouse or qualifying dependents even if they are not enrolled in the employer's health plan.
COBRA
COBRA Offering to Retirees
When a covered employee becomes entitled to Medicare before retiring, a covered spouse may receive up to 36 months of COBRA continuation from the date of Medicare entitlement.