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Archive by tag: complianceReturn
Employers, Brokers, Consultants and Tax Professionals: Billions of Dollars in Tax Year 2016 Penalty Notices are Coming
Earlier this year the Treasury Inspector General for Tax Administration’s (TIGTA) report on the Affordable Care Acts stated that the IRS now has the data to begin calculate the potential penalties for Tax Year 2016 to be assessed against those organizations determined to be non-compliant with the ACA. Expect the number of Letter 226J notifications and associated penalties to be greater and larger than what we have seen so far. Tax Year 2017 notices will be on the heels of the 2016 notices. A re...
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| Categories: Penalties | Tags: penalty , penalty assessment , ty2018 , aca , aca compliance | View Count: (28)
Assess ACA Compliance and Risk Now and Get a Leg UP on Year-End 2018!
Time flies! We are already well into the second half of 2018 and soon all the year-end activities will begin ramping up. ACA Compliance is a critical component for Employee Benefit, HR and Tax professionals’ year-end obligations. So, the time is now to get started off on the right foot. A great way to ensure that year-end 2018 will be a success is to begin now with an Organizational ACA Compliance Assessment.
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| Categories: | Tags: risk , aca , compliance , aca compliance , ty2018 | View Count: (29)

Understanding Your Letter 227

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Understanding Your Letter 227
Experts estimate over 30,000 Letter 226J penalty letters have been sent to employers by the IRS. IRS Letter 227 is the key to understanding the IRS response to your attempt to avoid a penalty.
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| Categories: Penalties, Tax Year 2017 | Tags: Letter 226J , Letter 227 , ACA Compliance , IRS Regulations , Affordable Care Act , 1095 , 1094 | View Count: (98)
3 Big Reasons to Distribute Form 1095-B/C Weeks Before the March 2nd Deadline Extension
As an Applicable Large Employer, the IRS requires you to distribute Form 1095-B/C to your Full Time employees by the recently extended deadline of March 2nd, 2018. Prior to the extension, the original deadline set by the IRS for Form distribution was January 31st, 2018. The BenefitScape team recommends delivering the Forms to employees as close to the original deadline for the following reasons:
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| Categories: Penalties, Tax Year 2017 | Tags: 1095 , TY2017 , Extension , ACA Compliance and Reporting | View Count: (784)

Legal Update: EMAC & HIRD

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Legal Update: EMAC & HIRD
Massachusetts' new and increased EMAC Assessments are beginning January 1st, 2018 and ending December 31st, 2019. Fiscal Year 2018's budget-related legislation temporarily increased an existing employer fee known as the Employer Medical Assistance Contribution (EMAC) and also created a new, temporary, 5% assessment on employers to help offset a projected future $600 million shortfall in the MassHealth program.
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| Categories: Tax Year 2017 | Tags: EMAC , HIRD , ACA Compliance , TY2017. | View Count: (879)
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