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Archive by category: PenaltiesReturn
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: (307)
JUDGE RULES AGAINST ACA BUT THE LAW STANDS
JUDGE RULES ACA INVALID – WHITE HOUSE SAYS LAW REMAINS IN PLACE On Friday, December 14, Judge Reed O’Connor, a Texas federal district court judge, issued a decision in Texas v. Azar, a lawsuit challenging the constitutionality of the individual mandate and, with it, the entire Affordable Care Act (ACA).
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| Categories: Compliance TY2018, Penalties, Tax Year 2018, Employer Mandate | Tags: | View Count: (159)
IRS Issues Extension For Furnishing Forms 1095-B/C and Reinforces Good Faith Transition Relief
The IRS has issued Notice 2018-94 extending the due date for the 2018 1095-B and 1095-C forms to be sent to employees from January 31, 2019 until March 4, 2019. However, the Notice also confirms that the due date for filing those same 1095 Forms with the IRS remains the same: February 28, 2019 if filing paper copies or April 1, 2019 if filing electronically. The notice also extends the good faith transition relief for ACA Reporting. 
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| Categories: Compliance TY2018, IRS AIR eFiling , Penalties, Tax Year 2018, 1095C, 1095B, Employer Mandate | Tags: | View Count: (844)
IRS Issues Thousands of Letter 5699 Notices with Millions of Dollars in Potential Penalties
Many employers have received IRS Letter 5699 over the last several weeks. Letter 5699 is being issued to employers whom the IRS has deemed may be an Applicable Large Employer (ALE) for purposes of compliance with the Affordable Care Act (ACA), and the IRS has no record of their 1094 and 1095 forms for a Tax Year since 2015.
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| Categories: IRS AIR eFiling , ACA Compliance TY16 , Penalties, Tax Year 2017, Tax Year 2018, Compliance TY2018, Employer Mandate | Tags: | View Count: (492)
US Businesses Face Increased IRS Penalties Next Year
The IRS has released the employer penalties for non-compliance with the ACA for Calendar Year 2018.
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| Categories: IRS AIR eFiling , Penalties | Tags: | View Count: (415)
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