IRS ACA Reporting & What You Need to Know
The Affordable Care Act first went into effect in 2010. Five years later, the Employer Mandate—known officially as the Employer Shared Responsibility Provisions, or ESRPs—took effect. In essence, the Employer Mandate is a list of provisions that large employers must abide by regarding offering health insurance to their employees. If they fail to meet these guidelines, they can face hefty taxes and penalties from the IRS.
There are reporting guidelines outlined by the ACA, along with their associated penalties for noncompliance. To learn more, read on for your guide to IRS ACA reporting.