The ACA’s requirements are constantly evolving and with new deadlines, increasing penalty amounts, and changing affordability thresholds the stakes are high. That’s why we created the ACA 101 Toolkit.
To access the all-new ACA 101 toolkit for the 2022 tax year, click below, or keep reading to learn about what’s included in the guide.
What’s new in the ACA 101 Toolkit?
In the latest version of the ACA essential, we’ve updated the filing and furnishing deadlines for 2022, to be completed in 2023. The guide also includes individual state ACA filing deadlines. In addition, we’ve captured the 2022 affordability threshold and Federal Poverty Level details.
To educate our readers, the 2022 version of the toolkit also shares the top 5 most common ACA compliance mistakes organizations make. We share this information in hopes that you can learn from them and implement changes to maximize compliance moving forward.
Which organizations benefit the most from the Toolkit?
Any organization that takes ACA compliance seriously will benefit from the latest ACA 101 Toolkit. Use it as a desk reference to ensure proper preparation of annual filings and stay in the know on best practices for preventing IRS penalty assessments.
Beyond that though, organizations that employ large variable-hour workforces have much to gain from the Toolkit. Restaurants, home healthcare, construction, manufacturing, and hospitality industries are at the greatest risk of ACA penalties and as such, should download the toolkit now to understand what’s at stake for ACA non-compliance.
The Toolkit reflects the latest IRS penalty information
As is standard with the toolkit, we’ve also included the increased penalty amounts for failing to file, furnish, and comply with the ACA’s Employer Mandate.
We regularly update our ACA penalty information to align with the IRS as it’s important to stay informed on IRS activity.
Speaking of IRS activity, the agency is currently ramping up tax enforcement, including the ACA’s Employer Mandate. In Biden’s 2023 budget request, the IRS will be receiving an additional $2.2 billion in funding, totaling $14.1 billion.
What this means for organizations is that we should see an increase in penalties issued for ACA non-compliance.
To help prepare for this, the 2022 ACA 101 Toolkit includes step-by-step instructions on how to respond to the Letter 226J penalty notice. Furthermore, the toolkit identifies best practices for maximizing compliance and minimizing risk.
Since the requirements of the ACA’s Employer Mandate first went into effect in 2015, complying with the healthcare law has grown in complexity. Download the toolkit to stay informed and on top of your ACA compliance process.
For information on ACA penalty amounts, affordability percentages, important filing deadlines, steps for responding to penalty notices, and best practices for minimizing IRS penalty risk, download the ACA 101 Toolkit.