We have had a busy summer helping businesses respond to the IRS “Pay or Play” Letter 226J ACA Penalty notices. If you receive an IRS Letter 226J, it is important to respond timely and with accurate information in order to eliminate, abate or reduce IRS calculated penalties. The following outlines eight things to consider if you receive an IRS Letter 226J:
Reminder: Forms for 2018 are due to employees on January 31, 2019, and to the IRS on February 28, 2019 if paper filed and April 2, 2019 if e-filed. A holistic approach to ACA compliance is important, and working with your advisor to ensure you are following the rules can save time and money.
It is not uncommon for businesses to receive an IRS Letter 226J as the rules, coding and deadlines continue to change. However, employers who stay on top of the ever-changing ACA rules and utilize knowledgeable professionals tend to come out ahead. Contact your Eide Bailly professional or a member of our ACA team to request assistance in completing the ACA compliance forms or responding to Letter 226J.
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