If you haven’t put systems in place to provide the proper information to the IRS for the Affordable Care Act (ACA), now is the time. On June 29, 2015, the Trade Preferences Extension Act was signed into law, increasing the penalties for incorrect information returns. Penalties will be assessed for failing to file and filing incorrect or incomplete information.
| Description | Old Penalty Amount | New Penalty Amount |
| Penalty for filing incorrect returns (per return) | $100 | $250 |
| Penalty for incorrect returns if corrected within 30 days (per return) | $30 | $50 |
| Penalty for incorrect returns if corrected by August 1 (per return) | $60 | $100 |
| Penalty for intentionally disregarding to file timely and correct returns | $250 | $500 |
| Maximum penalty per calendar year | $1,500,000 | $3,000,000 |
| Maximum penalty per calendar year if corrected within 30 days | $250,000 | $500,000 |
| Maximum penalty per calendar year if corrected by August 1 | $500,000 | $1,500,000 |
If you have over 50 FTE’s, you will be required in 2016 to submit the 1095-C form to remain in compliance with the ACA.
Let Microsoft Dynamics GP and Greenshades take the stress out of filing for the ACA. The HR module in Microsoft Dynamics GP includes the ability to track who does and does not have health insurance. Greenshades solution ties directly into GP and eliminates any need for data reentry and tracks:
- Health insurance compliance
- Employee enrollment
- Dependent management
- Employee eligibility
- Annual reporting
You can watch a video online demonstrating Greenshades ACA tracking capabilities. Contact DFC Consultants to learn more about ACA reporting requirements and how Microsoft Dynamics GP and Greenshades can help.
by DFC Consultants