When you work with an employer or group that has 50 or more employees, at some point, you will need to understand the process of responding to IRS notifications - a process that Elizabeth Raggio walks us through in this episode. In this episode you will learn:
Elizabeth Raggio is a compliance attorney with the ETC company. She has been with ETC since 2016 and is the Director of Compliance. Raggio explains that the ACA has two primary obligations for employers: to offer the right kind of coverage to the right people, and to report the type of offer made to all employees using specific forms. If an employer does not do these things, they risk exposure to a penalty.
The most common letter employers receive from the IRS is the 56 99 letter, which is sent when the IRS does not have forms on file for the employer. Let’s avoid that
Key Takeaways:
1. The importance of understanding the IRS notification process for employer shared responsibility penalties
2. The potential impacts of not correctly reporting information to the IRS
3. The importance of having good data to correctly calculate penalties.
"You really want someone that understands the reporting obligations to make sure what you reported was correct because that's how the IRS calculates penalty."
Resources:
linkedin.com/in/elizabeth-raggio-a8a389a
elizabeth@eligibilitytrackingcalculators.com
linkedin.com/in/firststaffbenefits
mikem@firststaffbenefits.com