As a third-party vendor for Affordable Care Act (ACA) Employer Reporting, TASC stays on top of developments that may affect our Clients. On December 28, 2015, the Internal Revenue Service (IRS) released a Notice that may affect compliance with the ACA Employer Reporting requirements. Please review the following information to determine the best way to proceed.
IRS Notice 2016-4 extends the due dates for furnishing and filing the new ACA reporting forms for the 2015 calendar year. The new extended deadlines are as follows:
- For the distribution of Forms 1095-B and 1095-C to individuals, the deadline is now March 31, 2016 (previously February 1).
- For the filing of Forms 1094-B / 1095-B and 1094-C / 1095-C with the IRS, the deadline is now May 31, 2016 (previously February 29)…and June 30, 2016 if filed electronically. (previously March 31).
IRS Transitional Relief For 2015 only, individuals who rely upon this information from their coverage providers or employers – but do not receive their Form 1095-B or Form 1095-C prior to filing their income tax returns – need not amend their returns once they finally obtain the appropriate documentation. Individuals also need not send this information to the IRS, but should keep it with their tax records.
What Does This Mean? TASC recommends that Clients furnish the necessary data to complete the Employee Statements as soon as possible. Despite the due date extension, Clients are encouraged to provide the applicable Forms to individuals on or before the original due dates. Completing these items now will allow employees who rely on the Employee Statements to complete their tax returns on time…and with confidence.
Therefore, in order for TASC to file by the initial deadlines, Clients have until January 11, 2016 to submit the required data. Note: If the original deadline is missed, TASC will furnish Clients with instructions on how to file taxes (without Form 1095) that can be supplied to employees.
Thank you for trusting TASC for your compliance needs!