With 2017 rapidly approaching, last week we received some good news from the IRS. The IRS released, notice 1015-70 which highlights some of the changes to come with ACA’s information reporting. One of the biggest changes is a date extension.
Form 1095-B for Health Coverage and form 1095-C have been extended from January 31st, 2017 to March 2nd, 2017.
This won’t affect the employees’ ability to file their tax returns, but it does delay their receipt of the forms for their own records.
“This deadline was especially challenging because it coincided with Form 1099 and W-2 processing schedules,” said Mike Downey, executive vice president of BenefitScape. “A 30-day extension, while short, moves the printing and distribution to a more opportune time.”
It’s important to note, the filing deadlines remain unchanged, this is just an extension to furnish the forms to employees. It’s still just as important for employers to get the rest of their filings completed on time, and trust me, this extra month will fly by.
There are only 21 business days left in 2016 and its filled with holiday closures. Your clients need to make their ACA compliance a top priority.