Is Your Business COBRA Compliant?
PARTNERSHIP WITH BASIC
COBRA generally requires that group health plans sponsored by employers with 20 or more full-time employees in the prior year offer employees and their families continued health coverage in certain instances where coverage under the plan would otherwise end.
The IRS penalty is a nondeductible excise tax of $100 per day, per violation. If there is more than one in the family, the IRS excise tax is $200 per day. Plus, COBRA noncompliance with regards to ERISA can subject an employer to an ERISA penalty of up to $110 per day, per violation, which can be levied per member (no family maximum).
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