ACA Reporting Update: New Forms, Higher Penalties
By Damian A. Myers
Damian Myers is an Associate in the Employee Benefits, Executive Compensation and ERISA Litigation Practice Center in the Washington, D.C., office of Proskauer Rose LLP. Founded in New York in 1875, Proskauer has over 700 attorneys serving clients worldwide.
Complying with the law’s information reporting requirements is “perhaps the biggest ACA compliance challenge this year,” says Myers, who is with the law firm Proskauer Rose. The IRS has introduced new reporting forms, increased penalties for failing to file the forms with the government or providing them to employees, he writes.