Thursday, October 1, 2015

Penalties Increased for Section 6055 and Section 6056 Reporting Violations

The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Section 6055 and 6056. These new reporting rules require certain employers to report information to the Internal Revenue Service (IRS) on the health coverage offered during the year.

Quick Facts:
  • Signed into law on June 29, 2015, the Trade Preferences Extension Act of 2015 increases the penalties for reporting entities that fail to comply with Section 6055 or 6056 reporting.
  • The increased penalties take effect for returns and statements filed in 2016.
  • Short-term relief from penalties is available in certain limited circumstances.
Read the full article for more information on Section 6055 and Section 6056 reporting violations. Should you have questions, please contact Strategic Benefit Services by calling (855) 882-9177 or email us at sbs@hanys.org.