“Our initial penalty assessment was in the millions, but by the time First Capitol had finished recalculating our exposure, it was reduced to a fraction of the amount…”
We received Letter 226J from the IRS in late 2017 and were shocked by the amount the IRS was proposing as a tax penalty. We were unsure of how to proceed and decided to contact our broker for consultation. From there we were referred to First Capitol Consulting. First Capitol explained the penalty redetermination process they would undertake and proceeded to guide us adeptly through the discovery, analysis and response phases. Their efforts culminated with the IRS agreeing with First Capitol’s penalty redetermination which left us ecstatic to say the least. As a result, the Hayward Unified School District is pleased to write this letter as a testament to the quality of the services First Capitol Consulting provided.
Through every step of the process, First Capitol was there to guide us and explained what was necessary in terms of obtaining the necessary documents, data and information to create a robust response that would withstand regulatory scrutiny. Our initial penalty assessment was in the millions, but by the time First Capitol had finished recalculating our exposure, it was reduced to a fraction of the amount originally proposed
First Capitol’s comprehensive redetermination analysis and validation of the raw data in our HRIS system corrected several substantive errors that had taken place during the original filing process for the 2015 reporting year. The end result was a dramatically reduced pool of employees triggering a penalty.
We have great confidence in the services we received from First Capitol. Their diligence throughout the entire 226J response made the experience painless, as they took on the entirety of the administrative burden, project management and data analysis, and added key regulatory insights that we could never had arrived at on our own. First Capitol has been a great asset and we know who to seek out for future ACA expertise.
If you would like to hear more about this, please feel free to contact me.