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Showing results for tags 'aca penalty'.
Found 2 results
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Our client just filed their 2019 1095-Cs with the IRS. They were overlooked back in the spring (an extension to May 1 was filed) due to COVID/PPP things, and we just realized they hadn't been filed last week. No letter has been received from the IRS. Technically, a penalty of $270 per record could be charged. But do any of you know if the IRS is actually assessing the penalty when the taxpayer files them on their own, without the IRS having to get involved? Please give us some good news! And yes, the forms were distributed to the employees timely.
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I am going back into the benefit profession and a little rusty around the corners. I wondered if someone could be so kind of explain how a large employer that offers self insurance medical health plans will know if an employee gets a goverment subsidy on the exchange? Is that something that is asked on an open enrollment form? Does the employee have a field that states I am opting out of company plan to be on a private exchange with the gov. subsidy? Or does an employer run salaries and try to guess which employees might take it? Little confused on the process. And once it is determined someone received the subsidy, when and where is the penalty paid? Does this also apply to the few plans out there that are grandfathered? Anything else I might have missed in the last few years for large employers
