Many employers are breathing a sigh of relief with the great news that there are a few extensions for the Affordable Care Act (ACA) reporting requirements. According to “IRS Extends Deadlines for Health Plan Information Reporting Under the ACA,” posted on NatLawReview.com, insurers, self-insured employers, and applicable large employers have an additional two months to prepare and deliver ACA reports to employees and three months to transmit those filings to the IRS for tax year 2015. Specifically, the IRS Forms 1095-C that were to be delivered to employees by February 1, 2016 have a new deadline of March 31, 2016 (the same grace was given to carriers for sending Form 1095-B, by the way). The ACA reports that are to be submitted to the IRS (Forms 1094-C by employers and Form 1094-B by carriers/self-insured employers) are now due on May 31, 2016 for paper filings and June 30, 2016 for electronic filings.
Employers can take this extra time to make sure the proverbial “i" is dotted and “t” is crossed, to avoid the types of mistakes that can lead to lofty penalties. If you have any questions or need guidance with navigating this changing and confusing legislation, then call the experts at BTerrell Group. Our team can provide the support and the technology you need to streamline ACA reporting activities.
By Brian Terrell of BTerrell Group, LLP, Intacct and Sage ERP & CRM provider based in Dallas.