In addition to the very well-known ACA employer mandate, there are myriad of other lesser-known ACA requirements that could pack a punch for organizations that are noncompliant when it comes to penalty fees on 2015 tax returns. Knowing the breadth and depth of these mandates and determining if you are in compliance (or how to achieve compliance if possible) will save on surprises come 2016.
Below is a list of some of more obscure ACA mandates that are in effect for 2015. Noncompliance could result in ERISA penalties and fines of up to $100/day for each affected employee:
While good faith does apply to many of the above, these mandates will still apply in 2016 meaning that understanding how to obtain and maintain compliance now will be crucial for a smooth year ahead.
To learn more about these and other ACA mandates, penalties, and exclusions
– as well as key terms and deadlines related to the ACA in 2016- download
The Nonstop Guide to ACA Penalties for the 2015 Tax Year
The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources believed to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose