What You Need to Know About ACA Filing Penalties

Affordable Care Act Forms 1094 and 1095 are due April 2, 2018! Since we’ve established the ACA is here to stay (at least a little while), the ACA filing penalties are here to stay as well. The GOP ACA replacement bill was set to include a repeal of the ACA’s reporting penalties extended to businesses and insurance providers who don’t file (or file late) their 2016 ACA return and, without this, we’re left to assume the late-filing penalties initially instituted by the ACA will remain.

So, needless to say, it’s very important that you get those ACA Forms on time!

What You Need to Know About ACA Filing Penalties

If you suspect you may be at risk for not filing on time, go ahead and get yourself an extra 30 days to file by filing Extension Form 8809 over at ExpressExtension. It shouldn’t take long, so if you want to do that now while you’re thinking about it – we’ll wait!

Okay, now that that’s done, let’s see just what you’re managing to miss out on:

ACA Filing Penalties

So what can filing your ACA Forms late end up costing you?

  • Failing to file a correct information return (a 1094 or 1095 Form in this case) with the IRS can incur a penalty of $260 per form, not to exceed $3,193,000 in a calendar year.
  • Failing to provide a correct information return (1095 Form) to the individual for whom the form is reporting information can incur a $260 penalty per form, again not to exceed $3,193,000 per calendar year.
  • You can also incur a $260 per form penalty if you’re required to e-file (like when you have more than 250 Forms per return) but submit paper forms instead.

And if you intentionally disregard to file these forms at all, the IRS can pull out the big guns and increase your per-statement and total penalties for your missing return.

At ACAwise, we’re dedicated to helping you file your ACA Forms correctly and on time so you can avoid any ACA filing penalties! But you’re going to need to hurry up and get started because there’s only so much we can do when time keeps marching on!

If you have any questions about the ACA e-filing process, don’t hesitate to give us a call at (704) 954-8420 or send us a live chat during our office hours: Monday through Friday, 9:00 a.m. to 6:00 p.m. EST. You can also send us an email anytime at [email protected] and we’ll get back to you as soon as we can!

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