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Monthly ACA Compliance Can Help Employers Avoid IRS Penalties

ACA Times

4 minute read: As the IRS begins rolling out a new round of ACA penalty notices this month, we can’t stress enough how important it is to assess your compliance with the ACA on a monthly basis to optimize your compliance process. It’s on a month-to-month basis that the IRS determines penalty assessments for ACA non-compliance.

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Monthly ACA Compliance Can Help Employers Avoid IRS Penalties

ACA Times

4 minute read: As the IRS rolls out Letter 226J penalty notices for the 2017 tax year, those of you who have a monthly compliance process in place to address your organization’s responsibilities under the Affordable Care Act should be glad you took the time to put such a process in place.

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ACA’s Expansion of Medicaid Key Player for Providing Health Coverage Amid COVID-19

ACA Times

The IRS is currently issuing Letter 226J penalty notices to employers identified as having failed to comply with the ACA’s Employer Mandate for the 2017 tax year. By the year 2026, the IRS is projected to issue over $228 billion in ACA penalty assessments to employers identified as having failed to comply with the ACA’s Employer Mandate.

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Suggestions on Responding to IRS 6721/6722 ACA Penalties

ACA Times

By the year 2026, the IRS is expected to issue more than $228 billion in penalty assessments for ACA non-compliance. The IRS started issuing 4980H penalties in November 2017 using Letter 226J. And get ready for penalty notices for the 2017 tax year. Some of the penalties are in the millions of dollars.

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New Jersey Issues Employer Guidance on State-Level ACA Reporting

ACA Times

As more states pass their own individual mandates, expect healthcare regulations to become more complicated and fragmented, adding new layers of complexity to what employers face in addressing compliance with the federal ACA. The tax agency is projected to issue more than $228 billion in penalty assessments by the year 2026.

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ACA Penalties To Hit $228 Billion

ACA Times

During the ten-year period from 2017 through 2026 (provided the Affordable Care Act remains in effect), the Congressional Budget Office in conjunction with the Joint Committee on Taxation estimates that employer responsibility penalties will see a staggering $228 billion. For questions about the ACA contact us here.

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CBO: $194 Billion Deficit Increase If Key ACA Subsidies End In 2017

HR Daily Advisor

In particu­lar, the agencies analyzed what would happen if it were decided by the end of August 2017 that CSR payments would continue only through the end of this calendar year. Federal deficits would increase by $6 billion in 2018, $21 billion in 2020, and $26 billion in 2026. More information is available in the full CBO report.