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ACA Reporting Penalties Increase for 2024

ACA reporting penalties

1 minute read

The IRS released updated penalty amounts for those who don’t comply with the Affordable Care Act’s requirements under Internal Revenue Code Sections 6055 and 6066. The increased amounts apply to 2023 information returns and individual statements that are required to be filed and furnished in 2024. 

Adjusted Penalty Amounts

Failure to comply with Section 6055 and Section 6056 reporting requirements may be subject to general reporting penalties. For 2023 information furnished in 2024, the adjusted penalties amounts are as follows:

  1. Failure to file an information return or file an individual statement is $310 per return or statement;
  2. Returns that are corrected within 30 days after the due date is $60;
  3. For returns corrected after 30 days but before August 1, 2023, the penalty is $120;
  4. Failing to file a correct information return or provide a statement due to intentional disregard is $630.


Other Important Notables

  • Beginning in 2024, reporting entities that file at least 10 returns must file electronically.
  • 2023 Individual statements must be furnished within 30 days of January 31, 2024. The deadline for individual statements is March 1, 2024.
  • Electronic IRS returns for 2023 must be filed by March 31, 2024. Since this date falls on a Sunday, the deadline will be April 1, 2024.

Download the bulletin for more details.


Additional Resource

IRS Information Return Penalties


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Nicole Miller

Nicole Miller

When it comes to employee benefits, Nicole Miller is a good person to have on your side. She’s worked in the insurance industry since 2004 and has experience working on both the insurance carrier/agency side. Her customers find her to be dependable, detail-oriented, and highly skilled at simplifying the complex. As Account Manager for National Insurance Services, Nicole works with Michigan schools, cities, and counties on their employee benefits, benefit communication, and wellness plans. She helps employees and employers answer policy-related questions, resolve employee claim issues with carriers, and assists with employee or insurance committee meetings. Nicole is a licensed insurance agent.