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With so many complex requirements and exceptions, Affordable Care Act compliance is enough to give any business owner a headache.
The National Small Business Association estimated that complying with Affordable Care Act’s requirements will cost employers upwards of $15,000 per year. But that amount pales in comparison to the thousands of dollars in penalties employers who don’t comply with the ACA’s rules and regulations. The sheer amount of information required to complete these all the IRS forms associated with health care reform, however, is so overwhelming that many businesses don’t even know where to start.
In order to help demystify ACA reporting, we’ve broken down these complex requirements into a simplified guide that outlines what each form is, who is responsible for completing it, who receives the form upon completion, and when the form is due.