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Posted: February 10, 2016
ACA Filing Deadline for Applicable Large Employers
GET READY – IT’S HERE!!!
For the last several years we have heard about the onerous burden that would befall small businesses under the Affordable Care Act, but yet nothing happened. Guess what; that burden has finally arrived.
The Shared Employer Shared Responsibilities penalties are here and are due. That’s the $2,000 penalty per employee for failure on the part of Applicable Large Employers (50 or more full time employees or full time equivalents FTEs) to provide minimal essential insurance coverage to its employees. This year you get to reduce that number by 30, but that is still a lot of money.
The reporting to the IRS is done on Forms 1094C and 1095C. Oh and of course, there are substantial penalties for failure to file those forms correctly and timely. So there are penalties on the penalties.
The due date for filing these forms has been extended to March 31 so you still have time. We would urge you to not play around with these forms or the requirements because the IRS does not appear to be playing with respect to assessing and collecting these penalties and fines. Don’t wait to the last minute, because the information necessary to complete these forms is extensive.