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IRS Announces ACA Reporting Deadline Extension

November 21, 2016 | Leave a Comment

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On Nov. 18, the Internal Revenue Service (IRS) issued Notice 2016-70, which extends the due date for employers to furnish forms 1095-B and 1095-C to employees from Jan. 31, 2017, to March 2, 2017. Additionally, the IRS also extended good-faith transition relief from penalties related to 2016 information reporting under Sections 6055 and 6056.

The notice, however, does not extend the due date for filing 1094-B and 1094-C forms with the IRS for 2016. The due date for filing with the IRS is Feb. 28, 2017, if filing on paper, or March 31, 2017, if filing electronically.

The IRS is encouraging reporting entities to furnish statements as soon as they are able.

What does this mean for you?

You are an applicable large employer (ALE) if you had at least 50 full-time employees, including full-time equivalent employees, on average during 2015.

If you are an ALE . . . you have an additional 30 days to provide all full-time employees with Form 1095-C (by March 2). You must still file the transmittal Form 1094-C with the IRS by Feb. 28, 2017, if filing by paper, or March 31, 2017, if filing electronically.

If you are NOT an ALE, but you are self-funded . . . you have an additional 30 days to provide all covered employees with Form 1095-B (by March 2). You must still file the transmittal Form 1094-B with the IRS by Feb. 28, 2017, if filing by paper, or March 31, 2017, if filing electronically.

If you are utilizing Cornerstone’s ACA reporting services, it is our intention to stick to the original timeline where possible.

If you have questions, contact Cornerstone’s Compliance Director Mary Ann White at maryannw@cornerstoneinsurancegroup.com.

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