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ACA Reporting Penalties for Errors & Failure to Comply
Tax year 2017 has been a turbulent year for the affordable care act with significant legislative and administrative challenges. Nevertheless the IRS requires reporting both to employees in the form of 1095C and in many cases electronic filing with the IRS. Failure to meet these requirements carries extremely steep penalties and should be avoided at all costs.
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Massachusetts requires new healthcare reporting for 2018
Massachusetts Governor Charles Baker signed into law a supplemental budget bill which included a requirement that employers file a healthcare coverage form commencing in 2018. The form must be completed and submitted under oath annually by any employer with 6 or more employees in Massachusetts; and it must disclose whether the employer has offered to pay or arrange for the purchase of health care insurance. If so, the form must include information about premium costs, benefits offered, cost shar...
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XML Handler from Benefitscape_ Efiling to IRS
Software modules designed to produce XML files for ACA compliance are now fully compatible with the BenefitScape Business Process as a Service. What this means is that an employer can take their XML file and send it to BenefitScape for the completion of printing form 1095C, sending forms to employees and electronically filing all of the information with the IRS.
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| Categories: AIR XML Requirement, IRS AIR eFiling | Tags: | View Count: (523)
Just received letter 226J?…time to sink or swim!
To state the obvious, the IRS has determined that you owe a penalty. An IRS determination is in the legal context a “rebuttable presumption” that is it is presumed to be true unless you can present adequate evidence to the contrary. Its up to you...sink or swim.
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| Categories: Penalties | Tags: | View Count: (585)
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: (466)
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