The IRS has recently provided transitional relief from the information reporting requirements applicable to insurers, self-insuring employers and certain other providers of minimum essential coverage under Code Sec. 6055 and to applicable large employers under Code Sec. 6056 under the Affordable Care Act.
The deadline for filing Form 1095-B, Health Coverage, and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage has been extended from February 1, 2016 to March 31, 2016. The deadline for filing Form 1094-B, Transmittal of Health Coverage Information Returns, and Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, is extended from February 29, 2016 to May 31, 2016 for non-electronic filers and from March 31, 2016 to June 30, 2016 for electronic filers.
Employers and other coverage providers that fail to meet these extended due dates are subject to penalties for failure to timely furnish and file. In view of the extensions provided, the provisions regarding automatic and permissive extensions of time for filing information returns and permissive extensions for furnishing statements will not apply to the extended due dates. However, the IRS will consider the extent to which an employer or other coverage provider files and furnishes these statements when determining whether to abate penalties for reasonable cause. It will also consider whether reasonable efforts have been made to prepare for reporting the required information and the extent to which the employer or other coverage provider is taking steps to ensure it is able to comply with these requirements for 2016.
If you have any questions related to the transition relief or the healthcare mandates, please call our office. We are here to assist you.
Kris Braxton, CPA