Affordable Care Act (ACA) reporting season is here again, that time when U.S. employers must prepare to comply with ACA reporting and furnishing deadlines for the 2023 tax year. If you haven't completed your filing duties yet, the clock is ticking.
There are several important deadlines to know to comply with ACA reporting requirements:
- The ACA 1095-C furnishing deadline is March 1, 2024. By this date, employers must furnish copies of these forms to their full-time and covered employees.
- The IRS electronic filing deadline is April 1, 2024. Updated IRS rules effectively remove the option of paper filing in 2024.
Employers that operate in certain states must also grapple with additional state requirements.
The threat of substantial and escalating penalties face employers that fail to meet these deadlines. These risks aren't theoretical: a 2023 survey by Trusaic found that 1 in 4 organizations are audited by the Internal Revenue Service (IRS) for ACA non-compliance.
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