Filing extensions may not be available to employers for the fast-approaching Affordable Care Act health coverage information reporting deadline.
IRS representatives indicated during a Dec. 2 monthly payroll teleconference that penalty relief would not necessarily be granted for failure to file 2015 ACA returns just because filers don’t have sufficient electronic systems.
Penalty relief for failing to properly file 2015 ACA returns in 2016 was intended for those that made a good-faith effort to comply with the ACA and filed the forms, not those that were unable to file the forms, said Martin Pippins, director for customer service and stakeholder relations of the IRS's ACA office.
Employers must file the information returns to show that they did or did not offer coverage to their employers in 2015. Applicable Large Employers must also submit a coverage statement to employees. Employers who had 50 or more full-time employees or full-time equivalent employees are considered ALEs.
Information reporting includes Forms 1094-C and 1095-C, for ALEs and Forms 1094-B and 1095-B, for employers that are self-insured but not ALEs. The forms are due to the IRS Feb. 29, 2016, if filed on paper and by March 31, 2016, if filed electronically. Form 1095-C is due to employees by Feb. 1, 2016.
The IRS has released guidance relating to information returns, in preparation of the first required filing in 2016:
See related story, IRS May Not Grant Relief for Late ACA Form Filings.
Design benefit plans and respond quickly and confidently to a range of potential issues with a free trial to the Benefits Practice Resource Center.
Notify me when updates are available (No standing order will be created).
Put me on standing order
Notify me when new releases are available (no standing order will be created)