1095 Tax Form Organizational changes such as mergers, layoffs, transfers and/or increased hiring may result in valid code count/coding variations within the Forms 1095-C. (Photo: Shutterstock)

The IRS has issued proposed regulations that would eliminate the “good-faith” waiver for accuracy-related penalties in Tax Year 2021 on Affordable Care Act (ACA) forms. By this time, most employers have already furnished, or are well on their way to furnishing, Tax Year 2021 Forms 1095-C to their employees. With employers soon turning their attention to transmitting those forms, along with Form 1094-C, to the IRS and various states, a key question is what steps employers can take to further reduce the potential for reporting inaccurate information that could lead to penalties.

Following are some potential strategies some employers often consider.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com 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?

 

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2022 ALM Global, LLC. All Rights Reserved.