The electronic system for information reporting under the Affordable Care Act is not without its glitches. We know this by now, and in the midst of 2015 information reporting this year, errors and mistakes have caused risk of exposure to some pretty hefty penalties. It’s not over yet, since many employers have extended their filing until October. Here is a tip sheet of some facts and suggestions on how to handle potential errors for information reporting this year and beyond.
· AIRTN500 Error Messages
This means that either an individual’s name and/orTIN TIN supplied do not match those within the IRS’s records.
· Not All Errors = Penalties
Just because there are incorrect TINs or names do not match, that doesn’t mean penalties are abound.
· Avoid Penalties With Timely Solicitations
If you’ve made your initial solicitation during an employee’s first enrollment, the first annual solicitation by