Penalties for Tax Year 2017 ACA and 1099 Reporting

No one likes having to pay additional fines or fees, especially when they are avoidable. This tax season, you can take active measures to avoid potential penalties by planning ahead, verifying information, and distributing forms in a timely manner.

Penalties are charged for failure to timely file tax or information returns, or for filing incorrect returns. They vary depending on the type of return. Continue reading Penalties for Tax Year 2017 ACA and 1099 Reporting

ACA Compliance Still Required for 2017 Tax Returns

The Affordable Care Act has really been put through the ringer this year. However, despite what’s been going on in Washington, D.C., the IRS has indicated that they will be pushing forward with enforcing ACA compliance for Tax Year 2017.

Throughout the year, they have been updating their ACA Information Center with the new tax year forms and instructions, and guidance on reporting. Their most recent page update included the new requirement for individual taxpayers to indicate their health care coverage status on their tax returns before acceptance. Continue reading ACA Compliance Still Required for 2017 Tax Returns

ACA Reporting Draft Instructions for Tax Year 2017 Released by IRS

The IRS has released Draft Instructions for Forms 1094-C and 1095-C for the 2017 Tax Year. The Draft Instructions will help employers prepare for 2017 Affordable Care Act (ACA) Reporting. Finalized versions of the forms and instructions will be released in early 2018.  Continue reading ACA Reporting Draft Instructions for Tax Year 2017 Released by IRS