The Internal Revenue Service (IRS) released information, in the form of Frequently Asked Questions, on the mechanics of how it will assess employer “Pay or Play” penalties under the Patient Protection and Affordable Care Act (ACA). The determination of whether an applicable large employer (ALE) may be liable for Pay or Play penalties (and penalty amounts) is based on information reported to the IRS on Forms 1094-C and 1095-C. The IRS will issue Letter 226J to an ALE if it determines that the ALE potentially owes Pay or Play penalties. These assessment letters have brought to light many early reporting errors that were common in 2015 and likely persisted through 2016. This Alert addresses how an employer can file amended 1094-C and 1095-C Forms to correct certain early reporting errors that are now being highlighted through the Pay or Play assessment process.
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The ACA failed to get repealed and large employers are required to offer a certain level of coverage or face a penalty. According to the IRS, penalty assessments are on their way. Don’t miss this important webinar on the assessment process and how to prepare your organization. Learn More