ERP Software Logo

Microsoft Dynamics vendors provide comparisons and opinions to professionals in the ERP/Accounting software selection process

 
 

Posts Tagged ‘IRS’

What’s New with the W-4 in 2019?

The Tax Cuts and Jobs Act (TCJA) - passed in December of 2017 - still has payroll professionals on edge as they continue to wait for the IRS to finalize the calculation for withholding federal tax from employees. The TCJA made significant changes to how federal tax is calculated for individual taxpayers. In addition, many […]

continue reading...

ACA Compliance for Employers: Avoiding an IRS Audit

The IRS has proven over the last several months that they are actively enforcing the ACA by issuing letters to Applicable Large Employers (ALEs) who may have failed to comply with Affordable Care Act. Since the IRS is fully engaged in the Affordable Care Act audit process, it is more important than ever for US […]

continue reading...

ACA employer compliance enforcement: I received letter 226J from the IRS. How do I respond?

The IRS has begun notifying employers of ESRPs (Employer-Shared Responsibility Payments), otherwise known as ACA penalties. The first letters, letter 226J, address penalties associated with the 2015 filing year for forms provided to the IRS in 2016. It is important to provide a timely response to this IRS letter. Here are some tips to ensure […]

continue reading...

Have you received an ACA “love letter” from the IRS?

As stated back in April of this year, the IRS will begin enforcement of the Affordable Care Act (ACA) any day now. They have now published a draft of the soon to be sent Employer Shared Responsibility Payment (aka “Penalty”) notification letter. While some employers have received “non-filing” letters from the IRS already, this letter […]

continue reading...

Understanding the ACA Employer Mandate Part 1

Repeal ACA, replace ACA, repair ACA or just leave it alone? While the lawmakers debate, employers are left with a lot of confusion. As of right now, the ACA, including the employer mandate, remains in place and all the compliance rules still apply. Nearing year-end and your 2017 tax reporting, this would be a good […]

continue reading...

Employers hoping for a filing extension for 1095-Cs likely to be disappointed

In a recent statement from the IRS, it is clear that they have stepped up enforcement of Affordable Care Act regulations. The recent statement reverses a prior practice of accepting individual tax returns which omitted information related to health insurance coverage on line 61 of tax Form 1040. For 2017 tax forms, this information will […]

continue reading...

2017 Draft Instructions for Forms 1094-C & 1095-C Released

On September 7th, 2017, the IRS released a draft of the instructions for completing forms 1094-C and 1095-C used by employers to comply with the Affordable Care Act (ACA) reporting requirements to employees and the IRS. Individuals responsible for completing these forms will surely appreciate that there were very few changes identified for 2017 reporting. […]

continue reading...

The ACA Employer Mandate – a refresher PART 2

All the recent activity around ACA repeal/ replace has created a lot of confusion for employers. The net outcome of this has been…nothing. The ACA - including the employer mandate – stands, at least for 2017. With 2017 tax reporting coming up, now is a good time to recap what the penalties are if employers […]

continue reading...

The ACA Employer Mandate – a refresher PART 1

All the recent activity around ACA repeal/ replace has created a lot of confusion for employers. The net outcome of this has been…nothing. The ACA - including the employer mandate – stands, at least for the foreseeable future and definitely for 2017. With 2017 tax reporting coming up, now is a good time to recap […]

continue reading...

IRS will not waive penalties for employer mandate under ACA

In a series of information letters, the IRS has clearly indicated that it won’t waive employer mandate penalties under the Affordable Care Act. For example, in a letter from the IRS to House Representative Bill Huizenga dated April 14, 2017 related to a question from an applicable large employer, it was made clear that the […]

continue reading...