Affordable Care Act Penalty Updates

The annual baseline budget projections by the Congressional Budget Office and Joint Committee on Taxation (CBO), is projecting employer responsibility penalties to total $228 billion by the end of 2020.  The individual mandate penalty will yield a projected $28 billion. The high-premium employer plan’s Cadillac Tax is expected to yield $18 billion.

These penalty estimates have tripled over the last year.

Employers should know that The Department of Labor is expecting to audit every employer with over 50 employees by the end of 2018.

Employers can expect IRS penalty notification and collections to increase after the election.

More information can be found at:

http://acahelp.com/

https://www.jct.gov/