Know Your Dates Or Face Penalties: An Infographic
We are nearing the end of the 2016 tax year, and with it comes the inevitable document filings come early 2017. As per the ACA, many key dates are mandated for information reporting, several of which will impose penalties on employers for neglect. That is a silly reason for excess fees, so the ACA Times has developed an infographic highlighting everything you need to know about key dates.From understanding 4980H(a) penalties (annualized at $2160 per FTEs for 2016) and 4980H(b) penalties (annualized at $3240 per FTEs for 2016) with regard to Premium Tax Credits to late fees per return—which can be sky high should you exercise blatant disregard—there are many ways to owe and many ways to avoid owing.
Check out the infographic below, with a well of information, and add the following dates to your 2017 ACA calendar:
*Updated 11/19/16 with new deadline for 1095-C furnishing to employees.*
1/31/2017: The deadline to furnish 1095-C forms to employees.
2/28/2017: The deadline to manually file 1094-C and 1095-C forms (if less than 250 forms).
3/31/2017: The deadline to electronically file 1094-C and 1095-C forms.
To learn more about ACA compliance in 2021, click here.
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