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Since we have established that the ACA is here to stay (at least for now), the ACA filing penalties are here to stay as well.
So, needless to say, it’s very important that you get those ACA Forms filed on time!
Warning! Are You Facing ACA Filing Penalties?
If you suspect you may be at risk for not filing on time, go ahead and apply for an extra 30 day extension with IRS Form 8809. It shouldn’t take long, so if you want to do that now while you’re thinking about it – we’ll wait!
Okay, now that that’s done, let’s see just what you’re managing to miss out on:
ACA Filing Penalties You Want to Avoid
So what can filing your ACA Forms late end up costing you?
- Failing to file a correct information return (a 1094 or 1095 Form in this case) with the IRS can incur a penalty of $260 per form, not to exceed $3,193,000 in a calendar year.
- Failing to provide a correct information return (1095 Form) to the individual for whom the form is reporting information can incur a $260 penalty per form, again not to exceed $3,193,000 per calendar year.
- You can also incur a $260 per form penalty if you’re required to e-file (like when you have more than 250 Forms per return) but submit paper forms instead.
And if you intentionally disregard to file these forms at all, the IRS can pull out the big guns and increase your per-statement and total penalties for your missing return.
At ACAwise, we’re dedicated to helping you file your ACA Forms correctly and on time so you can avoid any ACA filing penalties! But you’re going to need to hurry up and get started because there’s only so much we can do when time keeps marching on!
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