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Archive by author: Kim PhillipsReturn
Employer Obligations Under State Individual Health Care Mandates
In Brief: New Jersey employers and out-of-state employers that withhold and remit New Jersey Gross Income Tax for New Jersey residents must submit returns to the state and distribute statements to employees in early 2020.
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| Categories: 1095C, 1095B | Tags: New Jersey Individual Mandate , ACA , NJ Dores , NJ MFT | View Count: (181)
ACA PENALTY UPDATE: IRS ISSUING 972CG NOTICES FOR LATE FILING
The IRS has begun issuing Notice 972CG, a penalty notice regarding late filings of Forms 1094 and 1095 for Tax Year 2017. The notices also include penalties for unresolved TIN validation errors and for not filing returns electronically if you filed more than 250 forms on paper.
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| Categories: Penalties, Tax Year 2017, Tax Year 2018, 226J, Employer Mandate | Tags: | View Count: (547)
ACA Update: IRS Releasing Tax Year 2017 Penalty Notices
The IRS recently began issuing Penalty Notices for TY2017. Employers have begun receiving Letter 5699 'Failure To File' Notices.
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| Categories: Penalties, Tax Year 2017, 226J | Tags: | View Count: (203)
Don’t overlook coordinating  ACA Form 1095 and W-2 tax filings
Form 1095 and W2_Box12 are both tax filings and as such should be treated with the diligence any accounting-based tax filing requires. If the results don’t match on both forms... you essentially are signaling to the IRS that there may be a discrepancy in the filing!
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| Categories: Compliance TY2018, 1095C | Tags: | View Count: (533)
ACA IRS e-filing Process Improvements to Reduce Errors and Exposure to IRS Penalties
IRS e-filing to the new Affordable Care Act Information Returns system (AIR) requires constant technological improvement to keep up with the requirements the IRS has imposed on applicable large employers (ALE's). Most "tax filers" have not improved their process to the point where they can reduce errors and potential penalties for those using their filing systems. Essentially they can file arithmetic reports such as W-2 and 1099 but do not possess the skills and software to manage ACA filings.
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| Categories: Compliance TY2018, IRS AIR eFiling , AIR XML Requirement, Penalties, 1095C | Tags: | View Count: (791)
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