The penalty for noncompliance for ACA reporting can vary depending on the rule or regulation that was not followed. However, there are standard penalties that businesses may be subject to for not fulfilling their ACA reporting duties. For example, employers who do not offer Minimum Essential Coverage (MEC) to at least 95% of its full-time workforce and at least one full-time employee purchases health care coverage through the Marketplace and receives a Premium Tax Credit is subject to the 4980H(a) penalty, which amounts to $229.17 per month or $2,750 annually for each employee.
Other penalties for not meeting ACA reporting requirements include a Failure to File Penalty, Failure to Furnish Penalty and the 4980H(b) penalty. You can turn to a reliable ACA compliance reporting service like Experian Employer Services to avoid penalties. Contact us today to see how our ACA reporting services can ensure you meet all compliance laws to avoid penalties and fines.