Recently, the Internal Revenue Service announced an extension for employers to provide 1095-B or 1095-C Forms to their employees. The IRS announced a 30-day extension, extending the due date from January 31, 2018 to March 2, 2018.
The IRS has not announced an extension for filings to the IRS. Therefore, employers should prepare their 1094-B, 1095B, 1094-C, and 1095-C filings for submission to the IRS by February 28, 2018, if filing by paper or April 2,2018 if filing electronically.
This extension was made in response to requests by employers, insurers, brokers, and other providers of health insurance coverage that additional time be provided to gather and analyze the information required to complete the 1095 forms.
The IRS also announced that good faith standards will once again apply for the 2017 forms. This means that employers will not be subject to reporting penalties for incomplete or incorrect information, provided they can show that they have made good faith efforts to comply with the 2017 Form 1094 and 1095 reporting requirements. This relief applies to missing and incorrect taxpayer identification numbers and dates of birth, and other required information. However, no such relief is provided where an employer has not made a good faith effort to comply with the reporting requirements or where there has been a failure to file an information return or furnish a statement by the applicable due date.
At Innovative, we are committed to providing employers with up to date compliance alerts. Please contact us should you have any questions about your ACA reporting forms or any other benefit related issue.
In an effort to assist you with the ACA requirements, we invite you to join us for an upcoming webinar, titled the Affordable Care Act Reporting Review on Thursday, January 11th, 2018 at 2:00 pm. The event will focus on the current ACA reporting requirements to assist employers in maintaining compliance with the current regulations. Register here.