✅How does IRS calculate penalty?

If the ALE did not offer healthcare coverage in 2016 to at least 95% of all FT employees and their dependents, the monthly penalty calculation, based on an annual 2016 penalty of $2160*, will be: [$180x(All FT Employees-30)]

✅What are the 5 different IRS 227 letters?

Letter 227K, Letter 227L, Letter 227M, Letter 227J, and Letter 227N.

✅What is penalty reduction?

A proficient vendor may be able to dramatically reduce the penalty exposure for a given tax year by performing an accurate redetermination of the ACA data underlying the ACA filings for a particular tax year.

How to Respond to IRS Letter 226J for the 2017 Tax Year [INFOGRAPHIC]

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How to Respond to IRS Letter 226J for the 2017 Tax Year [INFOGRAPHIC]

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How to Respond to IRS Letter 226J for the 2017 Tax Year [INFOGRAPHIC]

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IRS staff has confirmed that the IRS is issuing Letter 226J penalty notices for the 2017 tax year.

If you receive a Letter 226J, you have 30 days to respond. The process your organization undertakes to develop the response to this Letter 226J needs to be focused and efficient. The tax agency recently said it would be limiting employers that receive IRS Letter 226J penalty notices to one 30-day extension request for additional time to respond. That 30-day extension policy would be applied to each IRS notice received in the penalty process.

Last year, we issued an infographic to help employers navigate their response to Letter 226J for the 2016 tax year.

We have updated our guide specifically for the 2017 tax year to help employers prepare for this new round of penalty notices.

Please click here to download a printable version of the infographic.

To learn more about ACA compliance in 2021, click here.

We’re committed to helping companies reduce risk, avoid penalties, and achieve 100% ACA compliance. For questions about the ACA contact us here.

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How to Respond to IRS Letter 226J for the 2017 Tax Year [INFOGRAPHIC]

Description

The IRS is issuing Letter 226J penalty notices for the 2017 tax year.

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ROBERT SHEEN

Publisher Name

The ACA Times

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Short URL of this page: https://acatimes.com/xyf

Robert Sheen

Robert Sheen, Esq., is editor-in-chief of The ACA Times. He also is founder, president and CEO of Trusaic.

Robert Sheen is Founder and President of Trusaic, Inc. Robert is a graduate of the University of Southern California, in Business Administration with an emphasis in International Finance. He earned his Juris Doctor from Loyola Law School, Los Angeles, concentrating in Tax Law.

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How to Respond to IRS Letter 226J for the 2017 Tax Year [INFOGRAPHIC]

Robert Sheen

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