Tuesday, December 29, 2015

ACA Reporting Deadlines Extended

Merry Christmas and Happy New Year from the IRS!

On Monday, the IRS released this notice extending the deadline for the 1094/1095 series of forms required for ACA reporting of health coverage information for employers and employees. The main points are:

• For furnishing employees with the 2015 Form 1095-B (Health Coverage) and Form 1095-C (Employer Provided Health Insurance Offer and Coverage), the deadline is extended from Feb. 1, 2016, to March 31, 2016.

• For filing with the IRS the 2015 Form 1094-B (Transmittal of Health Coverage Information Returns), Form 1095-B, Form 1094-C (Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns) and Form 1095-C, the deadline is extended from Feb. 29, 2016, to May 31, 2016 if not filing electronically, and from March 31, 2016, to June 30, 2016 if filing electronically. Any employer filing 250 or more forms must do so electronically.

Employers have been seeking filing extensions due to the complexity of the reporting requirements and compiling the data in a way that facilitates the reporting. I guess the IRS was actually listening. Although, it would have been nice if it had come out a little sooner with this extension.

So, you now have a little extra time to get it all together. But remember, the penalties still apply (at least as of today), so don’t let this extension slow you down. "Early" reporting is still encouraged.

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