ACA information reporting deadline extended

Two information reporting deadlines established by the Affordable Care Act have been extended, per an Internal Revenue Service notice. Employers will have additional time to provide documentation of minimum essential health coverage for 2015 to individuals and the IRS.

The deadline extensions are automatic – employers do not need to file extension requests to obtain the additional time to submit the forms.

Individual reporting. The deadline for providing to individuals the 2015 Form 1095-B, Health Coverage, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is extended from February 1, 2016, to March 31, 2016. The reporting deadline extension should not affect the ability to file 2015 income tax returns on time, at least for individuals with employer-sponsored health coverage.

IRS reporting. The deadline for providing information forms to the IRS was extended from February 29, 2016, to May 31, 2016, if filing via paper forms, and from March 31, 2016, to June 30, 2016, if filing electronically. Forms to be submitted to the IRS by the extended deadline include Form 1094-B, Transmittal of Health Coverage Information Returns, the 2015 Form 1095-B, Health Coverage (required for self-funded plans only), and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage.

The IRS notice indicates it will accept these forms beginning in January, and that employers should provide the forms to individuals and the IRS as soon as they are ready. However, the deadline was extended to give employers, insurers and other providers additional time to implement the reporting requirements. Those who do not meet the extended deadlines will be subject to penalties.

If you have any questions regarding compliance with ACA reporting requirements, please contact your WK advisor at (573) 442-6171 or (573) 635-6196.

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Posted By Debbie Mathes, CPA on 12-29-2015 | Topics: Client Alerts, News,