Organizational changes such as mergers, layoffs, transfers and/or increased hiring may result in valid code count/coding variations within the Forms 1095-C. (Photo: Shutterstock)
The IRS has issued proposed regulations that would eliminate the "good-faith" waiver for accuracy-related penalties in Tax Year 2021 on Affordable Care Act (ACA) forms. By this time, most employers have already furnished, or are well on their way to furnishing, Tax Year 2021 Forms 1095-C to their employees. With employers soon turning their attention to transmitting those forms, along with Form 1094-C, to the IRS and various states, a key question is what steps employers can take to further reduce the potential for reporting inaccurate information that could lead to penalties.
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