Compass
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Regional Vice President of Sales The Retirement Plan Company
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Bates & Company, Inc.
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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ACA Reporting Requirements for Carriers and Employers (Part 2 of 24): The Cost of Failing to Comply Just Doubled
Mintz Levin [Guidance Overview] July 27, 2015 "The Trade Preferences Extension Act of 2015 ... includes a provision that increases penalties for incorrect information returns, including those required by the ACA, to $250 per day (from $100 per day) with an annual cap of $3,000,000 (up from $1,500,000). Thus, for example, if an applicable large employer fails to file an information return and fails to furnish timely the statement to a single employee, the penalty is $500.... [T]he IRS has announced that it will not impose penalties under Code sections 6721 and 6722 on issuers of minimum essential coverage (Forms 1094-B and 1095-B) or applicable large employers (Forms 1094-C and 1095-C) that can show that 'they have made good faith efforts to comply with the information reporting requirements.' The relief is available, however, only where compliance is timely." |
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