What is the deadline for employers to meet ACA reporting requirements?
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Last modified 1/11/2021 12:23:47 PM EST
Employers must submit the form to the IRS at the end of February, if filing on paper, and at the end of March if filing electronically. The employers must also furnish forms to their employees at the start of March.
Below are the deadlines for meeting ACA reporting requirements for the tax year 2020
|Employee Copies distribution||March 02, 2021|
|Paper filing with IRS||February 28, 2021|
March 31, 2021
If you fail to file the ACA Forms to the IRS before the deadline, the IRS will penalize you for the late filing.
The ACA penalty for late filing can range from $50-$530 per form, depending on how late you are submitted to the IRS. Penalties continue to increase each day.
If you have already received a penalty notice from the IRS and are unsure how to respond, reach out to ACAwise experienced professionals who can help you to:
- Evaluate the penalty notices
- Respond to IRS with acceptable reasons for late filing
- Avoid paying unwanted penalties
To learn more on ACA penalties, check out here