To further help employers’ Affordable Care Act (ACA) compliance and management initiatives, Equifax has launched ACA Fine Management Services for Letter 226J support.
As the IRS continues to send Letter 226J – Employer Shared Responsibility Payment (ESRP) proposals to potentially non-compliant employers – it’s important for HR and compliance professionals to proactively create a response plan to follow should the Letter arrive in their mailbox. Waiting for Letter 226J to arrive is simply not the time to develop a plan given the 30-day response deadline required to file a dispute. With an ominous penalty amount – potentially into the millions of dollars – and pages of Employer Shared Responsibility Payment (ESRP) explanations, summary assessments, and Premium Tax Credit (PTC) listings, Letter 226J contains an enormous amount of information that requires an employer’s understanding, validation, and subsequent reaction. Without the relevant employee benefits data, a thorough review of the letter, and the proper industry knowledge, employers may struggle to reply to Letter 226J within the allotted time, potentially jeopardizing the ability to contest the stated fine amount.
Employers can now turn to the expertise at Equifax to make sure they’re prepared should Letter 226J arrive. Our ACA Fine Management Services include:
- Reviewing the response time line required by the IRS and the potential need for an extension
- Providing a thorough review of the Letter by Equifax team members
- Delivery of a Letter 226J Assessment Report, including a comparison of relevant data noted in the Letter to an employer’s 1095-C and 1094-C data located in the Equifax ACA Management System
- Follow-up sessions with Equifax team members to provide further information