By Rob Butler, Founder of Maestro Health
ICYMI: Originally posted by Broker Innovation Lab
Seventy-five percent of brokers listed ACA compliance as the top HR/benefits priority for their clients in 2016, according to a recent third party research study sponsored by Maestro Health.
It’s easy to see why. The National Law Review states that employers are on the hook for more requirements (and more penalties for not meeting those requirements) than ever before. Now, employers who file ACA-related IRS documents late — or not at all — can be fined up to $3,178,500 (previously $3 million). While most employers won’t reach 100 percent of the maximum penalty, these unexpected costs can do serious damage to their bottom lines.