The Employer Shared Responsibility Payment or ESRP letter is known as the IRS Letter 226J. This Letter notifies the employer that he or she will be liable for penalties under the Affordable Care Act as per the information listed in Form 1095-C and Form 1094-C.
How to respond to letter 226J under Obamacare?
In case you receive the 226-J Letter from the IRS, you must act quickly. Employers have thirty calendar days from the date of their assessment to act fast. Many employers do not know how to respond to Letter 226j, and it is where they need help. There are eminent companies that have the skills and practice to help employers reply to Letter 226J.
Get an extension with Letter 226j – get specialist help with the response process
Esteemed companies will help you get an extension to Letter 226J. They will assist you in navigating the response that you need to make to the IRS. The experts will take charge of the whole process to help respond to Letter 226J accurately. These companies will give you a dedicated ACA reporting expert who will file and prepare the accurate response for the IRS. If you need assistance, the expert will liaison with the IRS. They will also help you to evaluate the amount of fine that you need to pay to the IRS.
Hire professionals that have proven track records and experience in the field
Several companies help you with Letter 226J. However, you should always hire a company that has years of experience in the field of ACA reporting services. The response process is a complicated one, and so you should not attempt to do it on your own. ACA reporting experts provide you with customized services. There are filing deadlines that you need to maintain and be aware of. These deadlines are very stringent and in case you miss them, you will be in deep trouble.
What should you do when you receive Letter 226J?
When you receive Letter 226J, you should read it very carefully. If there are any attachments, check them as well. These documents will give you information on the complete ESRP process. This information will, in turn, affect the computation process when it comes to fines. The response form needs to be filled in stating whether you agree or disagree with the Letter sent to you. In case, you disagree with Letter 226J; you should write down an explanation stating why you disagree with the letter. You can list the changes in Form 14765. You should duly fill in all the forms and return all papers as listed in the Letter within deadlines.
Experts in the field recommend that if you do not know how to respond to Letter 226j, it is prudent for you to consult specialist companies in the field of ACA reporting services. The experts here will help you with every step of the response process. They will alleviate stress and ensure all documents pertaining to Letter 226J are submitted well within deadline!