IRS Extends Due Date for 2016 ACA Reporting
Yesterday, November 18, the IRS issued Notice 2016-70, which extends the due date for the 2016 requirement to furnish ACA-related statements to individuals for insurers, self-insuring employers, and certain other providers of minimum essential coverage under I.R.C. § 6055, and for applicable large employers under I.R.C. § 6056, and extends good-faith transition relief from section 6721 and 6722 penalties to the 2016 information-reporting requirements under sections 6055 and 6056. The due date is extended from January 31st, 2017 to March 2nd, 2017.
The notice also provides guidance to individuals who, as a result of these extensions, might not receive a Form 1095-B or Form 1095-C by the time they file their 2016 income tax returns.
For the full notice, click here.
This does not mean companies should delay their preparation in generating the forms, and use this extra time to audit their work to make sure their forms are perfect.