As part of a new law, the penalty amounts that may apply to employers subject to the Affordable Care Act's information reporting requirements will increase next year. These employers must report certain details regarding health care coverage and other information to the IRS and to covered individuals for the first time in early 2016 for calendar year 2015.
Information Reporting Penalties
Large employers with 50 or more full-time employees(including full-time equivalents) and self-insuring employers that provide minimum essential health coverage (regardless of size) that do not comply with the information reporting requirements may be subject to the general reporting penalties under the Internal Revenue Code for failure to file correct information returns and failure to furnish correct payee statements.
In general, the penalties—including increases under the new law—are as follows:
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