Insights: Article

Affordable Care Act Update: Revised FAQs

By   Tonya Rule

November 16, 2017

Health Care Reform Sign

Complying with the Affordable Care Act (ACA) can be confusing for businesses, but compliance is necessary to avoid steep penalties.

Recently, the IRS revised their FAQs on the Employer Shared Responsibility Provisions under the ACA. The most notable change was the addition on the procedures the IRS will be taking to enforce the "pay or play" employer penalties. Click here to view the revisions and pay particular attention to questions 55-58.

It's important to note:

  1. The IRS is expected to release additional guidance. 
  2. If an employer receives a letter from the IRS, Letter 226J, they will only have 30 days from the date of the letter to respond back to the IRS. This letter indicates that one or more employees received a subsidy and therefore section 4980(a) or (b) penalties could be assessed.

Review our filing obligation checklist to learn more.

Contact your Eide Bailly professional or a member of our Health Care Reform team if we can be of assistance. We look forward to working with you!