Thursday, December 1, 2016

Get to Know the ACA Penalties

The Affordable Care Act penalties are no joke.

And while there’s been a lot of talk about the ACA going away, it won’t be going away in time to avoid IRS penalties if you don’t file.

So it’s best to arm yourselves with some knowledge about these ACA penalties and how you can avoid them!

Information Reporting Penalties
That’s the official name of the penalties you’d incur from the IRS if you didn’t file. And, boy, are they every bit as impending as they sound:
  • The penalty for failing to file a Form 1095-B or 1095-C with the IRS is $260 per missing form, not to exceed $3,193,000 in a calendar year.
  • The penalty for failing to provide a Form 1095-B or 1095-C to your recipients is $260 per missing form, again, not to exceed $3,193,000 in a calendar year.

And don’t forget, the IRS has this in its rules and regulations for the ACA Forms:
“Special rules apply that increase the per-return and per-statement and total penalties with no maximum limitations if there is intentional disregard of the requirement to file the returns and furnish recipient statements.”

In other words, if you intentionally don’t file, the IRS is going to try to come for a lot more than $3 mil.

But on the Flip Side
Your penalties may be waived if you can prove to the IRS that failure to file was due to reasonable cause (think life-or-death, emergency type situation) and not willful neglect.

You also have ExpressACAForms to help make sure you get those forms filed on time! This is especially important because those penalty fees start going up the longer you wait to file after the deadline.

Just head on over to our website or contact our friendly support team to get started and see how ExpressACAForms can help you avoid ACA penalties. We’re available to help by phone (704-954-8420) and live chat Monday through Friday, 9:00 a.m. to 6:00 p.m. EST and available 24/7 at!

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