You Have 30 Extra Days to Send ACA Reporting Forms
As with all things in business, it is crucial to distinguish between what is open to debate and what is irrefutable fact. The fact is ACA Reporting is still required. Regardless of what type of business you’re in, few things are more important than ensuring that your company is in full compliance with Governmental regulations.
The Trump administration coming into office has put the Affordable Care Act, a.k.a. Obamacare, on the chopping block, however, until the Patient Protection and Affordable Care Act bill is revoked or changed, there are still deadlines that companies with 50 or more FTE‘s need to report or be subject to fines.
The Good News
On November 18, 2016, the IRS announced that the deadline for 2016 has been extended to March 2, 2017.
The original deadline date was January 31. Thanks to this extension, self-insuring employers, other coverage providers, and applicable large employers (ALE’s) now have 30 extra days to provide Forms 1095-B or 1095-C to individuals.
Along that line, it is good to know that Notice 2016-70, also extends transition relief from certain penalties (IRC Sections 6721 and 6722) to providers and employers that can show that they have made good-faith efforts to comply with the information-reporting requirements for incorrect or incomplete information reported on the return or statement.
This Notice also provides guidance to individuals who might not receive a Form 1095-B or Form 1095-C by the time they file their 2016 tax
The due dates for filing 2016 information returns with the IRS remain unchanged for 2017. The 2017 due dates are February 28 for paper filers and March 31 for electronic filers. This chart can help you understand the upcoming deadlines.
For a hassle free review of your current payroll processes, and to make sure that you are in compliance with the ACA and other state and federal mandates, don’t hesitate to contact us.