Deadlines for the 2016 Tax Season have now passed, but to be compliant and avoid fines for intentional disregard of the ACA reporting regulations, you can still e-file your forms.
Remove the line: ACA Employer Requirements: Still the “law of the Land” and a compliance responsibility.
On March 24, House GOP leaders withdrew their ACA replacement bill.
“Obamacare will remain the law of the land,” House Speaker Paul Ryan, R-Wis, shared in a press conference about the pulled bill. “We’re going to be living with Obamacare for the foreseeable future.”
For any covered employers (typically those with 50 or more full-time employees) who anticipated a shift in their responsibilities under a repealed ACA, the takeaway is clear: The ACA is still in effect, so you must continue to comply with the employer reporting mandate. The IRS is still charged with enforcing existing regulations. To read the Treasury report Affordable Care Act: Assessment of Efforts to Implement the Employer Shared Responsibility Provision (April 7, 2017), click here.
Employers who didn’t meet the March 31 deadline — perhaps because they were expecting the law to be repealed — are better off filing late than not at all. Although the IRS may be lenient with late filings, the agency is not likely to tolerate ignoring the law altogether. In fact, not filing could amount to penalties of $260 per filing, up to $3 million.
“Employers who delayed filing during this ‘wait and see’ period with the ACA should make every effort to meet the March 31 deadline,” says Rick Roddis, President of ComplyRight Tax Solutions. “Because the ACA still stands, so do the mandatory reporting requirements.”
In addition, you should continue tracking healthcare coverage data throughout 2017 so you’re prepared next tax season. “Better safe than sorry when it comes to the ACA rules,” says Roddis. “For now, the ACA — and all that it entails for employers — is here to stay.”
Filing your forms with efile4Biz.com or efileACAforms.com is the fastest, easiest way to still satisfy your ACA reporting deadlines. You enter your data — and we print and mail copies to your employees and e-file your forms directly with the IRS. We even notify you when your forms are sent to employees and when they’re accepted by the IRS.