Cost of ACA Employer Mandate Penalties to rise for 2024
The IRS has announced increased employer mandate penalties for ALEs under the ACA for 2024. Learn the new rates and help on how to stay current with your ACA requirements. It may seem like you are just getting into a groove for 2023, but with penalties for ACA noncompliance rising, employers must pay attention to and prepare for increasing penalties and parameters for 2024. The Internal Revenue Service has revealed increased employer mandate penalties for non-compliant applicable large employers (ALEs) under the Affordable Care Act (ACA) for 2024. With these penalties for noncompliance rising, it is vital employers pay close attention to the changing parameters around ACA regulations. As the 2022 reporting season finishes up, all eyes should be on ACA requirements and regulations for 2023 and 2024. What is changing in 2024? Noncompliance penalties are increasing for 2024. Penalty A will increase from $2,880 ($240/month) in 2023 to $2,970 ($247.50/month). Penalty B will incr...