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IRS Extends ACA 1095 Employer Reporting Deadline

11/21/16

  10:41:00 pm, by MedBen5   , 263 words,  
Categories: News, Health Care Reform, Taxes, IRS

IRS Extends ACA 1095 Employer Reporting Deadline

IRS Building

On Friday, November 18, 2016, the Internal Revenue Service released Notice 2016-70, effectively extending the due date for furnishing IRS Forms 1095-B and 1095-C to individuals offered and/or covered under employer-provided health plans. The extended deadline for distribution of these forms to employees and covered individuals is now March 2, 2017. The Notice also extends good-faith transition relief from penalties to the 2016 information reporting requirements. The Notice can be found at the MedBen website.

According to the Notice, the Treasury Department has determined that there is no similar need for an extension of time to file the Forms with the IRS which means that a plan sponsor's 1094-B (and accompanying 1095-Bs) or 1094-C (and accompanying 1095-Cs) are still due on February 28, 2017 (if filing via paper) or March 31, 2017 (if filing electronically).

The Notice extends transition relief from penalties under sections 6721 and 6722 to reporting entities that can show that they have made good-faith efforts to comply with the information-reporting requirements under sections 6055 and 6056 (both for furnishing to individuals and for filing with the Service) for incorrect or incomplete information reported on the return or statement. This relief applies to missing and inaccurate taxpayer identification numbers and date of birth, as well as other information required on the return or statement. No relief is provided in the case of reporting entities that do not make a good-faith effort to comply with the regulations or that fail to file an information return or furnish a statement by the due dates.

MedBen clients who have questions regarding the deadline extension are welcome to contact Vice President of Compliance Caroline Fraker at 800-851-0907 or cfraker@medben.com.

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