Generally, in 2017, which of the following events will trigger the Employer Shared Responsibility Penalty?

Expert Solution

Answer:-

In late 2017, the IRS announced that it would begin issuing penalty notices related to coverage that employers offered to employees during the 2015 calendar year.

As background, the Affordable Care Act’s (ACA’s) requires

1.large employers to make an offer of affordable, minimum value health coverage to substantially all of its full-time employees.

2.The shared responsibility requirement, also called the employer mandate, imposes an employer shared responsibility payment (“ESRP”) in circumstances where the employer fails to offer coverage, or offers coverage that does not meet certain affordability or minimum value standards,

3. and one of its full-time employees receives a premium tax-credit to purchase coverage through a federally mandated state-based health insurance exchanage.

4. Not filling accurate Forms 1095-C and 1094-C

5. Not Responding Respond to Health Insurance Marketplace notices as needed.

Under the Affordable Care Act’s (ACA’s) employer shared responsibility mandate (also known as the employer pay-or-play mandate), penalties are imposed on certain employers that fail to offer full-time employees health coverage that meets specific standards. A full-time employee is one who is employed on average at least 30 hours of service per week. The pay-or-play mandate was generally effective as of January 1, 2015, but employers with 50 to 99 full-time employees, including full-time equivalents, were granted a one-year delay (until 2016) to comply

if not Complied will liable to get assessed with penalties ..

ekkarill92 answered 1 year ago

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