Affordable Care Act Extension Posted

December 30, 2015

 

 

IRS Extends Due Dates for New 2015 Information Reporting Requirements

 

Dear Clients,

 

As posted on the IRS Website, the Treasury and the IRS have determined that additional time is needed for employers, insurers and other providers of minimum essential coverage to adapt and prepare their systems and procedures to gather, analyze, and report information about the health coverage they offer and provide.

 

Individual taxpayers will generally not be affected by this extension and should file their tax returns as they normally would.

Key dates affecting employers, insurers and other providers include:

  • The due date for furnishing the 2015 Form 1095-B and the 2015 Form 1095-C to the insured and/or employees is extended from January 31, 2016, to March 31, 2016.

  • The due date for health coverage providers and employers furnishing the 2015 Form 1094-B and the 2015 Form 1094-C to the IRS is extended from February 28, 2016, to May 31, 2016 if not filing electronically.

  • The due date for health coverage providers and employers electronically filing the 2015 Form 1094-B and the 2015 Form 1094-C with the IRS is extended from March 31, 2016, to June 30, 2016.

In the vast majority of cases, individuals offered employer-provided insurance coverage will not be affected by this extension. At tax time, most taxpayers will simply check the box on their individual tax return indicating full-year coverage. Individuals do not need to send in the 2015 Form 1094-B and the 2015 Form 1094-C with their income tax return, but they should keep it with their tax records.

 

Additional Resources:

 

ACA Information Center for Tax Professionals

 

Please contact us if you have any questions.

 

Thank you,

 

Quantum Payroll Systems, Inc

877-653-7733

www.quantumpayroll.com

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