What are the penalties for failure to provide minimum essential coverage under a group health plan?

An employer may be subject to a penalty of $2,000 per full-time employee, excluding the first 30 employees, if they do not offer minimum essential coverage or offer it to fewer than 95% of their full-time employees and dependents. The maximum penalty is $3,000,000 per year.

What is Part I all about in Form 8928?

Part I of Form 8928 is used to report failures by an employer to provide minimum essential coverage under a group health plan to at least 95% of its full-time employees (and their dependents) or to offer coverage to each employee at a reasonable cost.

What is a failure due to willful neglect?

A failure due to willful neglect refers to deliberate actions or intentional disregard of the rules and regulations related to providing minimum essential coverage. For example, an employer who knowingly offers coverage to fewer than 95% of their full-time employees or dependants.

What is a failure due to reasonable cause?

A failure due to reasonable cause is an error or oversight that is not intentional but occurs despite reasonable efforts to comply with the requirements for providing minimum essential coverage. For example, failing to timely offer coverage to newly-hired employees due to administrative errors.

What are the reporting requirements for Form 8928?

Form 8928 must be filed annually by employers with the IRS and includes information about the number of full-time employees, whether minimum essential coverage was offered to each employee, the cost of that coverage, and the number of employees enrolled in self-insured plans.

Form 8928

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Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code

Rev. May 2016

Form 8928 is used to calculate and report penalties for certain failures related to group health plans, Archer MSAs, and HSAs. The form includes instructions and worksheets to determine the amount of penalties due based on various types of failures. It's important to accurately complete the form as penalties can be significant.

Instructions

Form 8928 Instructions - Instructions for Form 8928, Return of Certain Excise Taxes Under Chapter 43 of the Internal Revenue Code

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FAQ

What are the penalties for failure to provide minimum essential coverage under a group health plan?
An employer may be subject to a penalty of $2,000 per full-time employee, excluding the first 30 employees, if they do not offer minimum essential coverage or offer it to fewer than 95% of their full-time employees and dependents. The maximum penalty is $3,000,000 per year.
What is Part I all about in Form 8928?
Part I of Form 8928 is used to report failures by an employer to provide minimum essential coverage under a group health plan to at least 95% of its full-time employees (and their dependents) or to offer coverage to each employee at a reasonable cost.
What is a failure due to willful neglect?
A failure due to willful neglect refers to deliberate actions or intentional disregard of the rules and regulations related to providing minimum essential coverage. For example, an employer who knowingly offers coverage to fewer than 95% of their full-time employees or dependants.
What is a failure due to reasonable cause?
A failure due to reasonable cause is an error or oversight that is not intentional but occurs despite reasonable efforts to comply with the requirements for providing minimum essential coverage. For example, failing to timely offer coverage to newly-hired employees due to administrative errors.
What are the reporting requirements for Form 8928?
Form 8928 must be filed annually by employers with the IRS and includes information about the number of full-time employees, whether minimum essential coverage was offered to each employee, the cost of that coverage, and the number of employees enrolled in self-insured plans.

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Federal tax forms

Form 8928 is one of Federal tax forms that are documents used to report and file federal income taxes with the Internal Revenue Service (IRS) in the United States. These forms are used by individuals, businesses, and organizations to report their income, deductions, and other relevant information necessary for calculating their federal tax liability.

The most commonly used federal tax form is the Form 1040, which is used by individual taxpayers to report their personal income tax. Other commonly used forms include the Form 1065 for partnerships, Form 1120 for corporations, and Form 990 for tax-exempt organizations.

Federal tax forms typically require taxpayers to report various sources of income, such as wages, salaries, and tips, as well as income from investments, rental properties, and other sources. The forms also allow taxpayers to claim deductions and credits for various expenses, such as charitable contributions, mortgage interest, and healthcare expenses.

It is important to file federal tax forms accurately and on time, as failure to do so can result in penalties and interest charges from the IRS.

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