The electronic system for information reporting under the Affordable Care Act is not without its glitches. We know this by now, and in the midst of 2015 information reporting this year, errors and mistakes have caused risk of exposure to some pretty hefty penalties. It’s not over yet since many employers have extended their filing until October. Here is a tip sheet of some facts and suggestions on how to handle potential errors for information reporting this year and beyond.
· AIRTN500 Error Messages
This means that either an individual’s name and/orTIN TIN supplied do not match those within the IRS’s records.
· Not All Errors = Penalties
Just because there are incorrect TINs or names do not match, that doesn’t mean penalties abound.
· Avoid Penalties With Timely Solicitations
If you’ve made your initial solicitation during an employee’s first enrollment, the first annual solicitation by December 31st of the same year, and then the second annual solicitation by December 31st of the following year, then you may not be penalized for corrections.
· Don’t Forget The Basics
A friendly reminder as an ALE (applicable large employer with 50 or more full-time employees or full-time equivalent employees) to provide an offer of minimum essential coverage that meets minimum value and is affordable to your employees and file all applicable forms within a timely manner. Save yourself the trouble of potential penalties for situations within your control.