Employers are asking “If I didn’t file for 2015, 2016, or 2017, should I even bother?” Our response is “It is better to file late, than not to file at all!”
The penalties for not distributing and/or filing correct returns are listed below. As you can see, the penalties per return and the calendar max increase the longer you wait. Additionally, for total disregard, the per form penalty doubles to $540 and there is no max as to how high the penalties can go.
Take Away:
The penalties for non-compliance can be overwhelming.
For 2015, 2016 and 2017 there is leniency for making a ‘good faith effort’. While filing 2 or 3 years late may not be classified as “good faith”, an employer may fair better before the IRS if it can show that it did file. If they have not filed, the IRS will show no mercy whatsoever.
Employers should engage with a trusted expert to ensure compliance with all aspects of the Employer Mandate of the Affordable Care Act.
For additional information, contact ACA GPS: info@acagps.com or 470-239-5524 xt 4050.
To view Affordable Care Act educational videos, visit: https://webinar.com/channel/7515535072559332101
