The IRS has begun the process of sending Preliminary Calculation of the Employer Shared Responsibility Payment letters (aka Penalty Letters) to Applicable Large Employers (ALEs) of their potential liability (aka penalties) for not being compliant with the Affordable Care Act (ACA) for the 2015 reporting year. These letters will be followed very quickly with letters for the 2016 reporting year. You will have only 30 days to respond to these penalty letters. Do you have your documentation ready to prove you were in compliance? Even though the IRS stated that reporting for 2015 and 2016 years will be viewed as “good faith effort” they are still reviewing if a good faith effort was made.
Join us as we uncover what information the IRS will require, what you should have prepared to show the IRS, and just what will come attached to those letters!