IRS delays employers’ deadline to distribute Forms 1095-B and 1095-C to employees
Posted On: 11-21-2016 | Posted By: Debbie Mathes, CPA
The IRS recently issued a notice that it has extended the deadline to file Affordable Care Act mandatory reporting of 2016 health insurance coverage on Forms 1095-C and 1095-B from January 31, 2017, to March 2, 2017.
As stated in Notice 2016-70, which was issued on November 18, the IRS wanted to give employers and insurance providers additional time to gather and analyze the information in order to prepare these forms to be given to individuals. This extension will only apply to the 2016 reporting year and is automatic – it doesn’t require the submission of any request or other documentation to the IRS, but no further extensions will be allowed.
Unlike last year, this deadline extension doesn’t apply for filing Forms 1094 and 1095 with the IRS, meaning there will be no extension to file the 2016 Form 1094-B and Form 1094-C. Employers filing these forms by mail will still need to do so by February 28, 2017; employers filing electronically must do so by March 31, unless you request an automatic 30-day extension to those filing deadlines
The IRS also stated that they would be extending the “good faith transition relief” to the 2016 tax year, meaning that the IRS won’t penalize employers for incorrect or incomplete forms if they could show good-faith efforts to comply with the reporting requirements, provided statements were furnished to individuals and filings were made with the IRS on a timely basis.
If you have any questions about the new changes to these deadlines, contact your WK advisor at (573) 442-6171 or (573) 635-6196.