Your Forms 1095-C are likely filed and will now be used by the IRS to assess penalties for failing to comply with the Employer Shared Responsibility mandate of the ACA. That’s one MAJOR penalty opportunity scratched off the list. But before you see that assessment, there is a trigger happening now that can alert you to a potential problem: a Marketplace Notice. Early intervention is key when it comes to Marketplace Notices. The sooner you respond, the better chance you have of minimizing their impact.
When you receive a Marketplace Notice, it can be concerning – and rightly so knowing they can lead to paperwork and fines depending on the health coverage offered to your full-time employees. If you understand the implications of receiving a notice, you can be ready to handle the situation in the most efficient and cost-effective way possible.
But first things first: do you know what this notice is? Will your locations know it if they receive one? And what should you do with it?
- What is a Marketplace Notice?
- Who is sending out these notices?
- When will you receive them?
- Should you respond – and how?
- What is the potential impact to your employees?
- What the potential IRS penalties for failure to file and for Employer Shared Responsibility?
- What is the latest IRS information on penalty relief?
- What are some tips for responding to penalty notices/documentation to retain?
- How is 2015 different than 2016?
Tap into our expertise to help ensure you’re in the best shape possible for future reporting and regulatory updates that may come about along the way.