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Video instructions and help with filling out and completing 1095 c code for employees waiving coverage
If your organization meets the ACA classification for an applicable large employer you face serious financial consequences if you do not comply with both the coverage mandate and the related reporting obligations of the Affordable Care Act there is a monthly risk of coverage penalties and there is a yearly risk of filing penalties each penalty can add up very quickly and none of them can be deducted as business expenses first we will look at the coverage penalties which have come to be known by the names one employee benefits lawyer gave them when they first burnout the sledgehammer and the tack hammer each of these penalties is triggered when one employee who has not been offered a health plan or a compliant health plan get subsidized coverage on an exchange it is important to note that the numbers you see for these monthly assessments are for tax year 2021 these penalty amounts go up every year let's learn more about these penalties an employer who offers no health plan is at risk of the ACA sledgehammer penalty the trigger for this penalty is the IRS finding through its data crunching that an employee who is eligible for an employer sponsored plan did not get an offer of health insurance from his or her employers instead they sought coverage on an exchange and got a subsidy or tax credit for that coverage here's how the multiplier works for the sledgehammer penalty if you have an employee that was eligible for coverage in a certain month and your 1095-c reporting for that tax year shows that no offer of coverage was made to that employee in that month then the penalty you're facing is one hundred ninety three dollars and thirty four cents multiplied by all your ACA defined full-time employees that's for that month and all months afterward in that taxi er remember the multiplier you see on this bottom line is per employee and per month an employer who offers a health plan but does not meet APA standards either for quality or affordability is at risk of the ACA tack hammer penalty the back story on this reference to a lighter hammer is that architects of the Affordable Care Act did not want an employer who made an effort to offer health insurance to be hit with a higher penalty than an employer who offered no health insurance so the sledgehammer goes away and the hit comes from a tack hammer when through its data crunching the IRS finds that the employee who got subsidized coverage on exchange worked at a place for an employer sponsored plan was offered but that claims just happened to be an ACA non-compliant plan a tack hammer penalty can go up to but not exceed the sledgehammer penalty the IRS will be assessing penalties to employers who in the previous tax year did not pran employer-sponsored health plan or one that met APA standards to 95% of their ACA.