ACA Reporting Update: New Forms, Higher Penalties & Other Guidance

With the impending deadline early next year, most applicable large employers are (or should be) in the process of gearing up for what is perhaps the biggest Affordable Care Act ("ACA") compliance challenge this year — the information reporting requirements found in Sections 6055 and 6056 of the Internal Revenue Code (the "Code") (details of which can be found here).  Many employers are finding that properly programming their systems to track the data necessary to complete the forms is a lengthy, time consuming and complicated process.  As they work with their vendors and internal resources to prepare to meet their obligations, employers should be aware that over the last few months, the stakes have been raised by new legislation and there has been some additional guidance as to completion of the forms.