IRS Extends ACA Reporting Deadlines

The IRS issued Notice 2016-70 on November 18, 2016. The notice extends the due date by 30 days for businesses to provide Forms 1095-C and 1095-B to individuals. The new due date for furnishing these forms is March 2, 2017. It is important to note the filing deadline has NOT been extended and remains March 31, 2017 for electronic filing. Also, regulations allowing the IRS to give extensions of usp to 30 days to provide the forms will not apply to the extended due date.

In addition, the notice gives good-faith transition relief from penalties under Code Sections 6721 and 6722 so that relief applies to 2016 information reporting requirements under Code Sections 6055 and 6056.

Code Section 6721 lays out penalties for:

  1. Failing to file an information return in a timely manner
  2. Filing an incomplete or incorrect information return

Code Section 6722 lays out penalties for:

  1. Failing to file an information statement in a timely manner
  2. Providing an incomplete or incorrect information statement

The due date extension is only relevant to information statements for calendar year 2016 provided in 2017, and it does not require reporting entities to submit any additional documentation to the IRS.

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Hall Benefits Law, LLC

HBL offers employers comprehensive legal guidance on benefits in mergers and acquisitions, Employee Stock Ownership Plans (ESOPs), executive compensation, health and welfare benefits, healthcare reform, and retirement plans. We counsel a wide spectrum of clients including small, mid-sized, and large companies, 401(k) investment advisors, health insurance brokers, accountants, attorneys, and HR consultants, just to name a few. HBL is passionate about advising clients, and we are dedicated to our mission: to provide comprehensive, personalized, and practical ERISA and benefits legal solutions that exceed client expectations.

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