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
