Form 8928 must be filed by group health plans, plan sponsors or plan administrators who:
- fail to provide the required level of pediatric vaccine
- failure to satisfy continuation coverage requirements under IRC section 4980B
- fail to comply with certain HIPAA requirements under IRC section 4980D
- fail to make comparable Archer medical savings account contributions under IRC section 4980E
- fail to make comparable HSA contributions under IRC section 4980G
This reporting requirement was effective January 1, 2010.
The filing due date depends on the nature of the failure; e.g. a failure due to §4980B or §4980D (COBRA or HIPAA) must be reported by the due date for filing the corporate tax return for most employers. If the failure under these sections is by either a multiemployer plan or a multiple employer plan, the Form 8928 must be filed on or before the last day of the seventh month following the end of the plan year.
Failures under §4980E (Archer MSA) or §4980G (HSA) must be reported on or before the 15th of the fourth month following the calendar year in which the noncomparable contributions were made.
Form 7004 must be filed to obtain the 6 month filing date extension. The Form
7004 does not extend the time for payment of the penalty.
The penalty varies based on the failure, the length of the period of noncompliance
and may be excused for reasonable cause.
More information regarding Form 8928 can be found at the IRS website.