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The and tax filing has tron bo bot trai cay bon employers and their advisers up in arms for the upcoming tax filing. The increased penalty amounts announced in July are alarming. The good news is many employers can get a break of some sort for These are listed below:. Foremployers who file will have protection even if their filing is incorrect or incomplete, as long as they show they made good faith efforts to comply with the ACA reporting requirements.
Keep in mind that the good-faith effort for tax year will disappear inthus penalties will apply for incorrect information in subsequent years. This relief is not granted automatically and only applies for the tax year. To take advantage of tron bo bot trai cay bon relief, the employer needs to complete line 22 of the C form or line 16 of the C for non-calendar year plans.
With HCM File, we advise our clients to incorporate transition relief into their filing where appropriate. There are four flavors of transition relief, each essentially providing a bye for the months the relief is designated.
Employer who offers MEC which does not exceed 9. Employer averaged between employees. Employers with plans that renew February-December in The extension process for W2s and s, the IRS will allow a day extension as long as you can demonstrate certain hardship conditions and file Form by Jan. Getting the final health plan participation and completing Tron bo bot trai cay bon forms for each health eligible employees, COBRA and retirees if self-funded is a lot to accomplish in a short window.
Unlike the good faith effort and transition relief, the day extension can be utilized in any tax year assuming the employer qualifies. While good faith effort, transition relief and day extensions are tools that employers may take advantage of to shield them from potential penalties, they should not be viewed as a method to evade penalties in all situations.
Employers should strive for compliant, accurate and penalty-free filing without the support of any safety nets. Weiskirch tron bo bot trai cay bon principal at EmployeeTech, Inc. Reach him at or mweiskirch employeetech. Already have an account? Don't have an account? Register for Free Unlimited Access.
Are you a benefits executive? Visit EBN For benefits executives: These are listed below: Good faith effort Foremployers who file will have protection even if their filing is incorrect or incomplete, as long as they show they made good faith efforts to comply with the ACA reporting requirements.
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