Deadlines NOT Extended for Other Filings
There may be a feeling of relief for some employers since the IRS recently announced it has extended the deadline date to provide 2016 Affordable Care Act (ACA) information to individuals. 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.
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.
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)|
Additionally, the IRS Notice extends good-faith transition relief from IRC section 6721 and 6722 penalties to the 2016 information-reporting requirements under sections 6055 and 6056. Penalties under sections 6721 and 6722 can be waived if the reporting entities can show they made good-faith efforts to comply with the information-reporting requirements. This relief applies only to furnishing and filing incorrect or incomplete information reported on a statement or return, and not to a failure to timely furnish or file a statement or return. If an employer, however, is late filing a return, it may be possible to get penalty abatement under a reasonable cause exception.
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.
The IRS Notice states employers may still file Form 8809 to receive an automatic extension for providing their ACA information returns to the IRS. Because the 30-day extension with respect to individuals is now in place automatically, no additional automatic 30-day extension will be offered for the forms that must be provided to individuals by March 2.
You may review the complete notice by clicking this link: https://www.irs.gov/pub/irs-drop/n-16-70.pdf
ACA-Track™ now offers E-filing using your IRS-formated XML. Contact Matt Simons for more information, 800.488.7395