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The Affordable Care Act (ACA) is complex. The ACA Penalty Process now being initiated by the IRS is no exception. With 30 days to respond upon receipt of IRS Letter 226J (you may want to request a reasonable extension), the process your organization undertakes to develop your response needs to be focused and efficient.
A new infographic is now available that outlines the process of responding to Letter 226J and Letter 227, which is the IRS response to responses to Letter 226J. This infographic can serve as a guide as you set up your internal processes to address this ACA penalty process. The infographic describes the procedure undertaken by the IRS to determine whether an organization has not complied with the ACA, how penalties are calculated, and how you can mount a defense to eliminate or reduce your proposed ACA penalties.
For those of you who have not yet received a Letter 226J now is not the time to sit back. The process has just started with more than 10,000 Letter 226Js already issued by the IRS since last November. More Letter 226Js and Letter 227s will be sent by the IRS in the weeks ahead.
With half the businesses in the U.S. saying they are not confident in their ability to satisfy ACA requirements and reported penalties in the millions of dollars being assessed by the IRS against the organizations receiving Letter 226J, the stakes are high. Now is the time to get prepared. This infographic can help.
Click here to download a printable version.
Click here to download a printable version.
