Penalty Increases for 2025 Returns

2025 ACA Pay or Play Penalties Decreasing

The IRS released the 2025 penalty amounts regarding the employer shared responsibility (pay-or-play) rules under the Affordable Care Act (ACA). For the 2025 calendar year, Penalty A will be $2,900 (a decrease of $70 per employee from 2024). Penalty B will be $4,350 (a decrease of $110 per employee from …

Penalty Increases for 2025 Returns

Reminder: ACA Reporting Deadlines Approaching

Employers subject to the Affordable Care Act (ACA) reporting under Internal Revenue Code Sections 6055 or 6056 have deadlines in early 2024. Who is subject to ACA reporting? Employers with self-insured health plans and applicable large employers (ALEs) with either fully-insured or self-insured health plans are subject to ACA reporting. …

Penalty Increases for 2025 Returns

ACA Reporting Deadlines in 2024

Employers who are subject to Affordable Care Act (ACA) reporting under Internal Revenue Code Sections 6055 or 6056 have upcoming reporting deadlines in 2024. For the 2023 calendar year, employers are required to furnish statements to individuals by March 1, 2024, and file paper returns with the IRS by February …

Penalty Increases for 2025 Returns

2024 Retirement Plan Limits

The Internal Revenue Service (IRS) recently released Notice 2023-75, announcing the cost-of-living adjustments for 2024. These adjustments affect the amounts of money in which employees can contribute to 401(k) plans and individual retirement accounts (IRAs). 2024 limit increases Important 2024 limits announced by the IRS include: The employee contribution limit …