IRS Penalty Update: 2024 Employer Shared Responsibility Penalties

bonus taxation

The IRS has recently released information on the penalty rates for violations of the Affordable Care Act’s (ACA) employer-shared responsibility provisions for the year 2024. Applicable large employers (ALEs), which are employers with 50 or more full-time equivalent employees, must comply with these provisions. Otherwise, they are subject to one of two penalties. First Penalty […]

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