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Tag "IRS"
These Common Mistakes Can Result in ACA Penalties
3 min read ACA compliance can be time-consuming and complex. There is a myriad of issues that can arise during the course of the year that can make employers’ annual Read More
IRS 4980H ACA Penalties Are Forever
3 min read The IRS announced that there is no statute of limitations for ACA penalties. What does that mean exactly? Simply put, it means that the ACA non-compliance penalties Read More
What you Need to Know About IRS Letter 5699
2 minute read With the IRS ramping up enforcement of the ACA, employers should keep their eyes peeled for the penalty warning notice, Letter 5699. Responding promptly and accurately to Read More
Get to Know the ACA’s Rule of Parity
3 minute read Without the proper tools or subject matter expertise, tackling the responsibilities of the Affordable Care Act’s Employer Mandate on your own can be overwhelming. This is especially Read More
IRS Limited Non-Assessment Periods Help Avoid ACA Penalties
4 minute read The Employer Shared Responsibility Provisions (ESRP) under the Affordable Care Act may seem straightforward, but, in reality, complying with them can be challenging and time-consuming. An area Read More
How to Handle ACA Filing Corrections With the IRS
3 minute read: If you found yourself in a situation where you received receipt of your ACA information returns for 2020 with a status of “Accepted with Errors,” you’re not Read More
IRS Affordability Safe Harbors Help Avoid ACA Penalties
4 minute read: How exactly do employers prove to the IRS that the healthcare plans they are offering to their workforce are affordable under the Affordable Care Act? It’s an Read More
Biden Seeks to Make PTC Eligibility Expansion Permanent
3 minute read: The Biden administration is once again finding ways to bolster the Affordable Care Act. This time the advancement comes in the form of ACA subsidies and the Read More
IRS Suspends Excess Repayment of APTCs for 2020 Tax Year
3 minute read: The latest ACA advancement to be introduced by the Biden administration comes via the American Rescue Plan and applies to the use of Advanced Payments of Premium Read More
IRS Experiences Paper Mail Backlog, Employers Should E-file ACA Returns
3 minute read: The COVID-19 pandemic created hardships for everyone and everything, including the IRS. On numerous occasions, the agency announced a significant backlog in processing paper returns. As of Read More![[UPDATE] What Employers Need to Know About the Employee Retention Credit](https://acatimes.com/wp-content/uploads/Employee-Retention-Credit-269x180_c.jpeg)
[UPDATE] What Employers Need to Know About the Employee Retention Credit
3 minute read: The latest IRS Notice 2021-23 provides additional rules on the Employee Retention Credit (ERC) with respect to quarter one and quarter two of the 2021 tax year. Read More
IRS Enforcement of the ACA is Increasing
3 minute read: IRS enforcement of the ACA is going to increase throughout the remainder of the year and well into 2022, as President Biden’s FY 2022 discretionary request alludes Read More
What Happens if You Fail to Pay an ACA Penalty?
3 minute read: Have you ever wondered what would happen if your organization failed to pay penalties assessed by the IRS under the ACA? In this post, Trusaic explains what Read More
Classify Workers Correctly to Determine ALE Status and Avoid ACA Penalties
3 minute read: Classifying workers is an important step for employers determining if the requirements of the ACA’s Employer Mandate apply to them. This is due to the necessary step Read More
ACA Affordability for the 2021 Tax Year
2 minute read: For the 2021 tax year, the ACA affordability threshold will increase to 9.83%. That means employees will likely have to contribute more towards their employer-sponsored healthcare. IRS Read More
Recapping on Biden’s ACA Reforms, What Employers Need to Know
3 minute read: Since Biden took office on January 20, 2021, several advancements to the Affordable Care Act followed, so we thought it best to recap on the ACA reforms Read More
Final Rule Allows for More Flexibility with Grandfathered Health Plans
3 minute read: In December 2020, the Departments of Labor, Health and Human Services, and Treasury (including the IRS) issued a final rule regarding ACA grandfathered health plans. Grandfathered health Read More
March 31 is the Deadline for E-Filing ACA Returns With the IRS
2 minute read: March 31, 2021, is the deadline for e-filing ACA returns, Forms 1094-C and 1095-C, to the IRS for the 2020 tax year as required by the ACA’s Read More
FTB to Publish Employer California Reporting Non-Compliance Data
3 minute read: Employers should be aware that data concerning non-compliance with California’s Individual Mandate will be publicly reported and published annually by the California Franchise Tax Board (FTB) on Read More
New Stimulus Plan Expands PTC Eligibility, Employer Penalties
3 minute read: President Joe Biden recently signed into law the American Rescue Plan (ARP) and it includes provisions that make ACA healthcare coverage more accessible to Americans. The $1.9 Read More
What Biden’s New HHS Secretary Could Mean for the ACA
3 minute read: President Joe Biden nominated California’s Attorney General Xavier Becerra, a known supporter of the ACA, as the new Health and Human Services (HHS) Secretary. On March 18, Read More
How The Raise the Wage Act Could Impact ACA Compliance
3 minute read: The Congressional Budget Office (CBO) issued a report last month that outlines the budgetary effects on American employment if the Raise the Wage Act of 2021 is Read More
The IRS is Issuing ACA Penalty Letter 226J for 2018
3 minute read: The IRS has begun to issue Letter 226J penalty assessments to employers that failed to comply with the ACA’s Employer Mandate for the 2018 tax year. If Read More
What Employers Need to Know About the 2020 ACA 1095-C Codes
3 minute read: ACA reporting for the 2020 tax year will be different from years past because of the new Individual Coverage Health Reimbursement Arrangement (HRA) codes. These new codes, Read More
Employers May Face Additional Challenges with 2020 ACA Reporting
3 minute read: With the 2020 ACA filing deadlines fast approaching, employers will be met with additional reporting challenges due in large part to the COVID-19 pandemic. From determining full-time Read More
Biden’s Affordable Care Act Advancements are Underway
3 minute read: Since the Biden Administration took office a few weeks ago, changes to help bolster the Affordable Care Act are already underway. President Joe Biden has already signed Read More
California Individual Mandate Penalties Will be Issued in 2021
3 minute read: State residents of California who failed to obtain health coverage during the 2020 tax year could see a penalty notice from the state as a part of Read More
Most Frequently Asked ACA Questions for Employers and Individuals
3 minute read: The Patient Protection and Affordable Care Act (ACA) is a comprehensive healthcare reform law enacted under President Barack Obama in 2010. The implementation of the ACA represented Read More
Five Resources Essential for ACA Compliance in 2021
3 minute read: 2021 is well underway and with the Biden administration likely to ramp up legislation around the ACA, employers need to be sure they are compliant with the Read More
Taxpayers (Including Employers) Have the Right to the Challenge IRS
3 minute read: The IRS has a Taxpayer Bill of Rights, which includes a section stating every taxpayer’s “right to challenge the IRS’s position and be heard.” These fundamental rights Read More
Wage Fixing Indictment Has Implications for Employers
3 minute read: A recent federal wage-fixing indictment against the former owner of a health care staffing company indicates that the Department of Justice’s Antitrust Division is taking a closer Read More
California Individual Mandate Final Regulations Have Been Updated
3 minute read: The California Franchise Tax Board (FTB) has released detailed information pertaining to the state’s Individual Mandate as the furnishing deadline for self-insured employers draws near. The details Read More
The IRS is Issuing ACA Penalty Letter 5005-A For The 2017 Tax Year
3 minute read: The IRS has begun issuing Letter 5005-A, Information Return Penalty Notice (Form 1094-C or 1095-C) (“Letter 5005-A”), for the 2017 tax year, demonstrating their efficiency at identifying Read More
Don’t Forget The New 1095-C Codes Specific to The 2020 Tax Year
2 minute read: Every year Applicable Large Employers (“ALEs”) must file Forms 1094-C and 1095-C with the IRS and furnish Forms 1095-C to employees considered full-time under the Affordable Care Read More
ACA Improvements to Expect from the Biden Administration
3 minute read: The inauguration welcoming president-elect Joe Biden to the White House is imminent and with the recent shift in majority control of the Senate, we can expect a Read More
Democrats Gain Senate, Paving the Way for Biden’s ACA Agenda
3 minute read: The results from last week’s Senate runoff race in Georgia have given Democrats control of the Senate, paving the way for Joe Biden’s presidency and his agenda Read More
The ACA is Central to American Health and Wellbeing
2 minute read: At the dawn of 2021, the Affordable Care Act (ACA) is poised to continue to be central to the health and wellbeing of millions of Americans. A Read More
2021 Dates for ACA Reporting
3 minute read: The new year is here, and with it a laundry list of items to be sure your organization has a handle on, including ACA reporting with the Read More
New Individual Mandate Regulations: What You Need to Know
3 minute read: The California Franchise Tax Board (FTB) just published Final Regulations on the Individual Shared Responsibility Penalty. The California Individual Mandate, in effect since January 1, 2020, will Read More
Minimize Penalties with ACA Best Practices for the Holiday Season
3 minute read: With the New Year around the corner, employers should begin preparing their ACA Forms 1094-C and 1095-C if they haven’t already begun to do so. Each year, Read More
The Annual ACA PCORI Fees are Increasing in 2021
2 minute read: The IRS has released the PCORI fee for plans that end on or after October 1, 2020 and before October 1, 2021. For plans that end on Read More
ACA Penalties Among IRS Critical Activities
3 minute read: On December 1, 2020, the IRS announced updates to the services it will be processing as a part of its mission-critical functions. Among the processes are ACA Read More
The Most Commonly Asked ACA Reporting Questions, Answered
3 minute read: With less than three weeks left to file for 2020, if not already completed, employers should be preparing their ACA filings with the IRS. With ACA reporting Read More
Good-Faith No Longer Good Enough to Avoid IRS Penalties
2 minute read: IRS Notice 2020-76 provided for a 30-day extension for the furnishing deadline of IRS Forms 1095-C and extended “Good-Faith Relief” from penalties under IRC Sections 6721 and Read More
2021 IRS Deadlines to Avoid ACA Penalties
2 minute read: Every year Applicable Large Employers (ALEs) must file and furnish their ACA information to the IRS and their employees, respectively. Failing to do so can result in Read More
IRS Issues Final 2020 ACA Forms 1094-C,1095-C, and Reporting Instructions
2 minute read: The IRS has released the final versions of the ACA reporting Forms 1094-C and 1095-C, in addition to the reporting instructions for the 2020 tax year, to Read More
Biden’s ACA Enhancements Could Create Challenges For Employers
2 minute read: President-elect Joe Biden’s term will begin in a few short months and as he promised during his campaign, there will be a number of advancements made to Read More
ACA Employer Mandate Penalties Increasing in 2021
3 minute read: Earlier this year, the IRS issued the 2021 employer mandate penalties under IRC 4980H(a) and 4980H(b). It should come as no surprise that the penalty amounts have Read More
ACA Likely to Remain Following Supreme Court Oral Arguments
3 minute read: The Affordable Care Act may have avoided the possibility of being removed once and for all, as the Supreme Court hearing last week suggests. The California v. Read More
