Description: Employers and individuals may incur ACA penalty if they fail to comply with the new ACA requirements. File ACA 1095 B/C Online with us to avoid ACA penalty.
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The Affordable Care Act,or Obamacare as it's also known, is a set of healthcare reform legislation signed into law in 2010. The ACA works to help improve the quality of health care and health insurance in America. In order for everyone to remain compliant under these new laws, the IRS updated the Internal Revenue Code to include Sections 6055 and 6056, which require providers of insurance and certain employers to report information on the coverage they offer each year on Form 1095-B and Form 1095-C . 2015 i
With new requirements come new penalties. You can incur IRS ACA penaltie by failing to comply with the new ACA requirements. Individuals can incur penalties for not having enrolled in health insurance coverage by a certain time. And providers and applicable large employers (ALEs) can face steep penalties if they fail to provide insurance or fail to report their ACA information returns to the IRS and/or their recipients correctly, on time, or at all.
Individuals can incur ACA penalties if they, their spouse, and/or their dependents don’t have qualifying health insurance coverage, but are able to afford it and didn’t apply for any exemptions