If you filed Form 8809 to extend your Affordable Care Act (ACA) reporting deadline here’s your friendly reminder that your new and extended deadline is coming up soon! So what do you need to know about your ACA reporting extension?
What You Need To Know About Your ACA Reporting Extension?
The original deadline for ACA reporting 2017 was April 2nd. If you applied for a 30-day extension with Form 8809 your new deadline is coming up on Wednesday, May 2nd, 2018.
ACA Reporting Penalties You Want to Avoid
If you fail to file your 1094 and 1095 Forms by your extended deadline you could be facing hefty IRS penalties. All Applicable Large Employers and Third Party Administrators who filed Form 8809 are required to file ACA Form 1095 and 1094 by the extended ACA filing deadline.
Failure to File/ Inaccurate Filing
Your business could potentially be penalized $260 – $520 per form if you fail to file a correct information return (1094 or 1095 Form), but this amount can not exceed $6 million in total.
Failure to E-file
If your business paper files 250 or more forms, you are required to e-file. If you fail to do so, then you will incur a $260 per form penalty.
Failure to Meet 95%
If you do not offer coverage to a minimum of 95% of full-time employees, your business will face a fine of $2,260 ($188.33 per month) per full-time employee.
Failure to Offer Coverage
If your business fails to offer affordable health coverage, you will be fined $3,390 ($282.50 per month) per full-time employee.
Complete ACA Service
Choose the best ACA service available for Applicable Large Employers (ALEs) and Third Party Administrators (TPAs). ACAwise offers volume-based pricing and US-based support to provide employers with the best ACA reporting service available. Our flexible pricing guarantees you are getting the best deal on the market today!