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ACA Compliance Solution Services, Inc. brings forth penalty rules,
also called the pay or play compliance rules for the ALE (applicable
large employer), where by the employer has to provide health coverage to substa
ntially 95% of the ACA full time equivalent employees. In this context, as per the employer
mandate, ALEs with 50 or more FTEs must fill up the 1094C and 1095C forms for
each FTE. Such health coverage details furnished to the FTEs must be submitted to the IRS in the annual reports by the
employers. However, those employers not submitting these forms within the due
date may be subject to a penalty from IRS, which is $270 a form, on a per-day
basis, adding up to $3,275,500 yearly.
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