As seen in Central Penn Business Journal: Obamacare compliance in IRS crosshairs
CPBJ article published November 16, 2018
If your company has at least 50 full-time equivalent employees, the IRS may be asking you to prove you offered at least the minimum health insurance required under the Affordable Care Act.
As Boyer & Ritter’s Kimbarley Williams explains in this Central Penn Business Journal Article, just filling out the required paperwork can be confusing, but companies may be able to avoid fines by correcting their initial filings.
Williams said one of her clients received a 226-J letter asking him to fix information from the filing – if there was an error – or face a bill for $6,500. Fines depend on the cost of health insurance an employee purchased as a result of not being offered it in the workplace.
“In this case, the reporting was done by a third-party paymaster and it was the first year of the required ACA reporting,” Williams said, adding that the process to explain the error to the IRS was easy. “He completed the response as requested in the initial 226-J notice and within two months had an acceptance letter.”