eFileMyForms Can Help with IRS Penalties and Affordable Care Act (ACA) Fines

Share Article

The Internal Revenue Service is issuing steep fines for companies in violation of IRS and Affordable Care Act (ACA) requirements.

1095, 1098, 1099, W-2, & 1042-S Online Filing

1095, 1098, 1099, W-2, & 1042-S Online Filing

While lawyers discuss Obama versus Trump administration policies, the IRS is busy calculating fines for both non-compliance and non-reporting of Form 1095-C Employer-Provided Health Insurance Offer and Coverage.

The Internal Revenue Service is issuing steep fines for companies in violation of Affordable Care Act (ACA) requirements. Fines are for Tax Year 2015, the first year ACA mandates, also referred to as Obamacare, were to be applied. Since late last year, hundreds of companies have received penalty notices amounting to thousands of dollars per employee.

WHAT CAN YOU DO?
While lawyers discuss Obama versus Trump administration policies, the IRS is busy calculating fines for both non-compliance and non-reporting of Form 1095-C Employer-Provided Health Insurance Offer and Coverage. eFileMyForms® provides an easy-to-use reporting mechanism for ACA compliance for Tax Years 2017 / 2016 / 2015. Users can import data to the eFileMyForms site where integrated business rules and validations instantly help identify data related errors that could trigger IRS penalties.

eFileMyForms (EFMF) provides fast IRS feedback so users can determine if their file was Accepted or Rejected. The site simplifies the ACA corrections process to help lower potential penalties. See https://www.efilemyforms.com/ACA_Pricing for an overview of ACA services.

PENNY-WISE AND POUND-FOOLISH
Applicable Large Employers (ALE) may express concern about the cost to late file tax forms. eFileMyForms can Print, Mail and eFile prior year ACA filings. Pricing is always volume based; for example, to file 500 Forms 1095-C is $0.87 per record with a $99 annual subscription fee. The IRS penalty for failure to file an information return is $250 per record with a $3,000,000 cap* plus additional penalties for failure to provide employee statements. The cost for a late filing on eFileMyForms is a fraction of the cost of an IRS penalty. Don’t delay, file today!

THE ACA FILING PROCESS
Filers unfamiliar with the intricacies of ACA compliance appreciate the wealth of support available to them on the eFileMyForms site. The ability to import their 1095 data from Excel increases efficiency and saves time. Further, the site provides sample import files for all supported form types—including Forms 1095-B and 1095-C—to ensure a smooth auto map import process.

eFileMyForms runs customized error checks and validations on all data, whether imported or manually keyed, to help promote IRS compliance. When satisfied with their forms, users complete the associated 1094 Transmittal, place forms in their cart, select a service (“Print/Mail/eFile” or “eFile Only”) and pay. Users can optionally print PDF copies of their ordered forms at any time. Further, eFileMyForms allows users to track the delivery status of forms and individually email encrypted tax forms to recipients. Correction processing is available for any form originally filed via the eFileMyForms site.

UPCOMING IRS DEADLINES
eFileMyForms guarantees that all files submitted to our site on the day of a deadline will be processed that day provided they are received by 7am PST for Print processing and by 12pm PST for eFiling. Learn more about eFileMyForms deadlines—including the option to quickly request an IRS eFiling extension—at https://www.efilemyforms.com/Help/Deadlines.

3/02/2018

  • 1095-B / 1095-C: Deadline to mail Recipient copies
  • 1099-MISC Box 7 (NEC) Amounts: Deadline to eFile for NEC Filers with approved IRS extensions

3/15/2018

  • 1042-S: Deadline to mail Recipient copies
  • 1042-S: Deadline to eFile

4/02/2018

  • 1095-B / 1095-C: Deadline to eFile
  • 1098 / 1099 / W-2G: Deadline to eFile

5/31/2018

  • 5498 Series: Deadline to mail Recipient copies
  • 5498 Series: Deadline to eFile

ABOUT EFILEMYFORMS
eFileMyForms is a company of 1099 Pro, Inc., an established industry leader in tax reporting compliance. Their SSAE 18 SOC I Type II certified facilities prepares 1042-S, 1095, 1098, 1099 (including 1099-MISC), 5498, W-2 and W-2G series forms.

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Michael Stewart
eFileMyForms
+1 (866)598-1217
Email >
@1099Pro
Follow >
1099 Pro

Follow us on
Visit website