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Sabrina Zimara, DFC Consultants

Affordable Care Act Reporting Penalties Increased


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    If you haven’t put systems in place to provide the proper information to the IRS for the Affordable Care Act (ACA), now is the time. On June 29, 2015, the Trade Preferences Extension Act was signed into law, increasing the penalties for incorrect information returns. Penalties will be assessed for failing to file and filing incorrect or incomplete information.

     

    DescriptionOld Penalty AmountNew Penalty Amount
    Penalty for filing incorrect returns (per return)$100$250
    Penalty for incorrect returns if corrected within 30 days (per return)$30$50
    Penalty for incorrect returns if corrected by August 1
    (per return)
    $60$100
    Penalty for intentionally disregarding to file timely and correct returns$250$500
    Maximum penalty per calendar year$1,500,000$3,000,000
    Maximum penalty per calendar year if corrected within 30 days$250,000$500,000
    Maximum penalty per calendar year if corrected by August 1$500,000$1,500,000

     

    If you have over 50 FTE’s, you will be required in 2016 to submit the 1095-C form to remain in compliance with the ACA.

    Let Microsoft Dynamics GP and Greenshades take the stress out of filing for the ACA. The HR module in Microsoft Dynamics GP includes the ability to track who does and does not have health insurance. Greenshades solution ties directly into GP and eliminates any need for data reentry and tracks:

    • Health insurance compliance
    • Employee enrollment
    • Dependent management
    • Employee eligibility
    • Annual reporting

    You can watch a video online demonstrating Greenshades ACA tracking capabilities. Contact DFC Consultants to learn more about ACA reporting requirements and how Microsoft Dynamics GP and Greenshades can help.

    by DFC Consultants

    One Response to “Affordable Care Act Reporting Penalties Increased”

    1. The newer penalties are by far stiffer, some of which are more than double the older ones imposed.On the other hand, its good to see that there is software provided to make take all the hassles out of filing ACA.

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