At Innovo Benefits Group, we’re always on top of the latest changes in benefits and HR compliance, and we’ve got some critical news to share. The landscape of ACA reporting is undergoing a significant transformation thanks to new legislation like the Paperwork Burden Reduction Act and the Employer Reporting Improvement Act. These aren't just minor tweaks. They represent a major shift in how employers can manage their ACA reporting obligations and even how they can address IRS penalty assessments. Watch our crucial compliance update with industry expert Andy Ferguson of BenefitsScape and our own Eric Gulko.
From benefit plan updates to employee documentation, it’s critical to manage a number of policies, procedures, and guidelines to avoid penalties and set the stage for a smooth transition into a new year.
Earlier this year, the IRS announced 2024 employer mandate penalties that apply to all employers with 50 or more employees — otherwise known as applicable large employers (ALE). If you’re a human resources professional at an ALE, it is essential for you to understand these penalties and how they could impact your workplace.