Let us help you prepare for the upcoming season with this refresher course covering recent developments impacting informational returns. This … Read more
Employers working through the detailed reporting requirements under the Affordable Care Act (ACA) recently received some good news: more time to comply with the upcoming deadlines.
December 28, 2015, the IRS issued Notice 2016-4, which extended the deadlines for reporting health care coverage to employees/recipients and the IRS through forms 1095-B and 1095-C (and 1094-B and 1094-C transmittals). Prior to this announcement, this year’s schedule for filing the applicable forms was the same as 1099s and W-2s.
Action | New Deadline | Prior Deadline |
---|---|---|
Distribute forms to employees/recipients | March 31st, 2016 | February 1st, 2016 |
File forms with the IRS if using paper forms | May 31st, 2016 | February 29th, 2016 |
Files forms with the IRS if filing electronically | June 30th, 2016 | March 31st, 2016 |
While this is a welcome announcement for many employers, please be aware that this is a one-time extension for this year’s tax-filing season only. You don’t have to make a formal request from the IRS (or submit any other documentation to take advantage of the extension), but you are expected to comply with the deadlines. The IRS may not impose penalties for filing incomplete or incorrect information only if you’ve made a good faith effort to comply. This means doing everything possible to prepare, distribute and file the necessary ACA forms as quickly and accurately as possible.
Plus, the first deadline – distributing forms to employees/recipients – is fast approaching. To complete 1095 forms and furnish them by March 31st, you’ll need to review employee hours from the preceding year, compile specific employee and healthcare coverage data, and determine which forms to fill out based on your company size and whether you’re insured or self-insured.
Let us help you prepare for the upcoming season with this refresher course covering recent developments impacting informational returns. This … Read more
Tax season is coming up fast, and soon you’ll be filing mandatory employee and contractor forms. Now is the time … Read more
On July 1, 2019, President Trump signed the Taxpayer First Act. This act proposes wide-sweeping changes in an effort to … Read more
If you’re confused about the status of the Affordable Care Act (ACA), you’re not alone. While the ACA continues to … Read more
As the year closes and the tax-filing season looms, employers may question the status of Affordable Care Act (ACA) reporting. Is … Read more
Upon signing the tax overhaul bill in late December, President Trump declared that the ACA was “essentially” repealed, thanks to … Read more
Businesses preparing for this year’s Affordable Care Act (ACA) reporting requirements just received an end-of-the-year gift from the IRS. On … Read more
Given the ongoing debate about the future of the Affordable Care Act (ACA), many employers are asking themselves, “Is the … Read more
At ComplyRight, our mission is to free employers from the burden of tracking and complying with the complex web of federal, state and local employment laws, so they can stay focused on managing and growing their businesses.
©2021 ComplyRight, Inc.