The new White House administration announced last month it is committed to ACA ‘Repeal and Replace’; however, there are no immediate changes to the federal mandate and all current compliance regulations still apply for employers.
That means for 2016 reporting, employers will need to comply with IRS deadlines, and there is no indication that penalties will not apply for failing to file on time.
In IRS Notice 2016-70 issued November 18, 2016, self-insured employers, applicable large employers, and insurers are to now provide 2016 ACA information returns to individuals by March 2, 2017, instead of the previous deadline of January 31, 2017. As a result of this relief, taxpayers do not need to wait to receive Forms 1095-B and 1095-C before filing their returns. Individuals will not need to submit these forms to the IRS when filing their returns, but are advised to keep them with their tax records.
Despite the extended deadline, you should consider proceeding with all your ACA information filings as early as possible. ACA-Track™ is advising its clients to provide their ACA data sooner than later to ensure reporting compliance for all information returns. It is important to note, IRS penalties will still apply for late filings.
New Due Dates for 2016 Returns Provided to Individuals
|1095-B (Health Coverage) (filed by insurers and self-insured employers)||March 2, 2017 (not January 31)|
|1095-C (Employer-Provided Health Insurance Offer & Coverage) (filed by ALEs)||March 2, 2017 (not January 31)|
(The notice, however, does not extend the due date for filing information returns with the IRS. Forms 1094-B, 1095-B, 1094-C, or 1095-C, remain due to IRS on February 28, 2017, if not filing electronically, or March 31, 2017, if filing electronically.)