IRS sets 2024 employer penalties for ACA coverage violations

The Internal Revenue Service has announced the 2024 employer mandate penalties under the Affordable Care Act for employers with 50 or more full-time equivalent employees, BenefitsPro reports. The A Penalty for failing to offer minimum essential coverage to 95% of full-time employees and their dependents will be $2,970 per employee, up $90 from 2023. The B Penalty for offering coverage that is “unaffordable” or does not provide “minimum value” will increase by $140 to $4,460 per employee.