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September 26, 2018
The IRS has released draft forms and instructions for the 2018 calendar year. Not surprisingly, the 2018 forms and instructions are almost identical to those provided for 2017. The only notable change is a small increase in the penalties for failure to report correctly and on time. Previously, the penalty was $260 per form (capped at $3,218,500); but for 2018, the penalty is $270 per form (capped at $3,275,500).
There have been no legislative or regulatory changes to employer reporting requirements, but the IRS is now actively reaching out to applicable large employers who failed to report, or who appear to be subject to assessments under §4980H. Therefore, employers subject to reporting requirements under §6055 and §6056 should ensure that data is being captured and that appropriate processes are in place for reporting on Forms 1094 and 1095 at the end of 2018.
As always, should you have any questions, please contact your Parker, Smith & Feek Benefits Team. For additional employee benefit compliance news and information visit our opens in a new windowHealthcare Reform Explained website.
The views and opinions expressed within are those of the author(s) and do not necessarily reflect the official policy or position of Parker, Smith & Feek. While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or changed circumstances of any information herein or for the consequences of any reliance placed upon it.