Penalties for failure to satisfy the complex IRS filing requirements resulting from the Affordable Care Act (ACA) have just doubled. With filing deadlines approaching, employers should act quickly to ensure they are prepared.
An article by attorneys with Steptoe & Johnson points out that, starting in February 2016, the ACA requires employers and healthcare providers to file new IRS information returns in connection with employer-provided healthcare coverage, and provide a copy of the applicable return to each employee.
The penalties for failing to comply with the reporting requirements are steep and are scheduled to double in 2016.
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