March 30, 2021 Nicholas Starkman ACA Deadline , Affordable Care Act Employers should be aware that data concerning non-compliance with California’s Individual Mandate will be publicly reported and published annually by the California Franchise Tax Board (FTB) on its website. In June 2019, California passed SB 78 to create a Minimum Essential Coverage Individual Mandate, also known as California’s health care mandate . The FTB is tasked with enforcement of the health care mandate. California residents who fail to obtain qualifying healthcare coverage or claim an exemption are subject to a monetary penalty known as the “ Individual Shared Responsibility Penalty .” The penalty amount for the 2020 year for California adults that fail to obtain adequate coverage is $750 multiplied by a cost of living adjustment and is $375 per child. To help facilitate the identification of individuals who must pay an Individual Shared Responsibility Penalty, the FTB has imposed state reporting obligations for self-insured employers and fully insured employers whose carriers do not distribute and report on health care coverage on the employers’ behalf. Employers offering health coverage through self-insured plans or employer-sponsored plans must generally report individual enrollment information to the FTB through the reporting of Form 3895C unless that information is reported to the FTB by an insurer via Form 1095-B . Employers that fail to comply with California’s Individual Mandate reporting requirements will be faced with a $50 penalty per individual who was provided health coverage. Non-compliance information will subsequently be published on the FTB’s click for more info website as required by the statute. The deadline for employers having to report on their enrollees for the 2020 tax year is tomorrow, March 31, 2021. The FTB is unlikely to identify non-reporting employers by name, however, the format of this public-facing data is yet to be seen. At the very least, this data will give employers a measure of how aggressive the FTB is in its enforcement. If enforcement of the health care mandate tracks the IRS enforcement of the ACA, the FTB will become more efficient with each reporting year. It should be noted that on an annual basis the FTB will also make available the following information on its website : The number of applicable households paying the penalty and the average penalty amount by applicable household income level The number of applicable households paying the penalty in each county and statewide. The number and type of most commonly claimed exemptions. The number and total penalty amounts collected The FTB states that the information will be reported “on or before March 1, 2022, and annually on or before March 1 thereafter.” California ACA reporting for employers went into effect in January 2020 and was introduced as part of the state’s Individual Mandate. Employers with self-insured plans should take note of California’s Form 3895C and the reporting requirements associated with it as these reporting requirements are in addition to those required by the ACA’s Employer Mandate. Under the ACA’s Employer Mandate , Applicable Large Employers (ALEs), employers with 50 or more full-time employees and full-time-equivalent employees, are required to offer Minimum Essential Coverage (MEC) to at least 95% of their full-time workforce (and their dependents) whereby such coverage meets Minimum Value (MV) and is affordable for the employee, or be subject to Internal Revenue Code (IRC) Section 4980H penalties. If your organization is unsure of how to comply with California’s Individual Mandate reporting requirements, or any other state that requires additional reporting, download; The ACA Essential Guide for 2021 to get a better understanding and timeline of what is expected from your organization for state reporting. Self-funded employers of California that need assistance in meeting the state filing deadline for the Individual Mandate should contact us to learn about how ACA Complete can deliver everything you need to track, prepare, furnish, file, and defend your ACA reporting. State filing is included with ACA Complete, or you can add it to ACA Basic or ACA Free e-file . We can minimize your IRS penalty risk and guide you in the event of an IRS or state audit. And with our fast implementation and seamless integrations, you can get started quickly to start minimizing your risk today. If your business needs have a peek here assistance meeting their ACA filing deadlines this year, contact us to learn about ACA Complete .https://acatimes.com/ftb-to-publish-employer-california-reporting-non-compliance-data
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In tax year 2010, the IRS examined nearly one-quarter of individual income returns with a reported income of $10 million or higher, but since then, audit coverage has dropped precipitously. In tax year 2015, for which no new examinations will be opened, audit coverage had fallen by two-thirds, meaning just 8.16 percent of returns with reported incomes of $10 million or more were examined. For 2018 returns, the IRS has opened audits on only 0.03 percent of the ultrahigh-income group. That number will likely climb as the IRS opens new cases for that year, although the downward trend in audit coverage is clear. The new data reveal how the agency has made a substantial shift away from auditing wealthy taxpayers, while still disproportionately auditing the low-income claimants of refundable tax credits. Between 2011 and 2019, the audit rates for those earning more than $1 million fell by 81 percent. Audit rates for those claiming the earned income tax credit on the other hand, have fallen much less drastically—by just about 50 percent. Now, the IRS audits millionaires at close to the same level as working-class taxpayers with less than $20,000 of annual income. Similarly, audits for the wealthiest corporations—those with assets of more than $10 million—declined much more rapidly than for corporations with fewer assets. IRS Commissioner Charles Rettig has said that the agency cannot increase coverage of high-income individuals and corporations with its current resources , given that such audits require more highly trained examiners than the IRS currently has. CBO data show the impact of high-income tax avoidance The CBO released a June report that reinforces many of these findings. The agency was blunt: “Since 2010, the IRS has done less to enforce tax laws.” The report documents how cutting IRS budgets over the last decade has reduced tax enforcement resources, with the most pronounced effects on high-income individuals and the largest corporations. The failure to enforce the tax laws has significantly added to the tax gap—or the difference between taxes owed and what is collected. The most recent data from the IRS estimate that from 2011 to 2013, the agency was unable to collect $381 billion in taxes, even after audits. The largest source of this gap came from business owners underreporting income on their individual tax returns. While the IRS does not produce distributional analysis as part of its tax gap report, professors Lawrence Summers and Natasha Sarin have estimated that 70 percent of this underreporting came from the richest 1 percent. The rich are responsible for an outsize share of the tax gap both because they would owe more taxes in a progressive tax system—and because they have more opportunities to dodge taxes than people such as wage earners or Social Security recipients. Income for wage earners and Social Security recipients is highly visible to the IRS because of third-party reporting, primarily quarterly payroll tax returns filed with the IRS by employers. The IRS has much less visibility into business income and capital gains, however, which flow overwhelmingly to people with high incomes.https://www.americanprogress.org/issues/economy/news/2020/08/06/488840/irs-budget-cuts-let-wealthy-tax-cheats-get-away/