Who would have thought that more than 13 years after the passage of the Affordable Care Act (ACA), the law would still be causing benefits advisors and HR professionals so much heartburn and so many headaches trying to meet its employer mandates for data collection and reporting? Yet, here we are, with IRS scrutiny increasing, penalties for non-compliance becoming more common, and heftier fines having been rolled out this year.
Several ACA issues are intertwined, making it even more challenging for benefits professionals and HR leaders to get a clear picture of what matters most to them and what they should prioritize to avoid missteps and ensure compliance. For example, the 2022 Inflation Reduction Act, which went into effect this year, provided an additional $80 billion in supplemental funding for the IRS over 10 years. Over half of that amount is earmarked for increased enforcement. The ACA was also extended to 2025, which means more workers will be participating in state and federal ACA health exchanges. Combined with the increased attention on enforcement, the IRS can be expected to issue more penalty notices going forward.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
