November 23, 2016. The IRS has extended the deadline for some employers to distribute Form 1095-C / 1095-B from January 31 to March 2, 2017.
- Large employers with 50 or more full-time or full-time equivalent employees
- Small employers with self-funded plans
- Employers who are subject to the Affordable Care Act (ACA) reporting requirements
This extension will give employers more time to collect required data and prepare the forms. But keep in mind the extension only applies to the forms that are distributed to individuals. Employers will still need to file 2016 forms (1094-B and 1095-B for smaller employers; and 1094-C and 1095-C for larger employers) with the IRS by February 28, 2017, for paper filing and March 31, 2017 for electronic filing.
The IRS has also extended “Good Faith Transition Relief” to the 2016 reporting year so keep track of your efforts. If you can show you made a good faith effort to comply with reporting requirements you may not be penalized for incorrect or incomplete information reported for the 2016 tax year.
Questions? Contact us today.