Question of the Week - Are there penalties for late ACA filings?

Posted by BAS - 11 April, 2024

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Q.- We didn’t realize we had to file our ACA forms electronically and our paper forms were not accepted by the IRS. Are there penalties for filing late?

A.- Yes. For 2023 returns and statements filed and furnished in 2024, the penalty for not filing electronically is increased to $310 per return, with a maximum penalty of $3,783,000 ($1,261,000 for smaller filers). Correcting failures within 30 days reduces penalties to $60 per return or statement, capped at $630,500 ($220,500 for smaller filers). Corrections made by August 1 result in reduced penalties of $120 per return or statement, not exceeding $1,891,500 ($630,500 for smaller filers). Penalties increase if there's intentional disregard for filing requirements.


Benefit Allocation Systems (BAS) provides best-in-class, online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.

MyEnroll360 can Integrate with any insurance carrier for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and many others), and integrate with any payroll system for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and many others).

Topics: Affordable Care Act, HR & Benefit Plans, HR & Benefits News, Affordable Care Act (ACA)


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