ACA Reporting – Automatic Extension of Deadlines
During the holiday week, the IRS issued an automatic extension of the deadlines to provide the required 2015 health coverage reports to employees and to the IRS (Forms 1094 and 1095).
Specifically, 2015 reports to employees are now not required until March 31, 2016 (a two-month extension). However, many employers will still wish to get their reports to their employees along with their W-2s so employees are not delayed in preparing their 2015 tax returns.
2015 reports to the IRS are now not required to be filed until May 31, 2016, or June 30, 2016 if filing electronically (a three-month extension). We imagine that more employers will take advantage of this particular extension than the extension for reports to employees.
The IRS notice projects that no further extensions will be granted, and reminds employers of the penalties for late reports.
(Note that small – as defined in the ACA – employers that have fully insured health plans are exempt from the ACA reporting rules.)
Please contact us if we can be of any assistance with your ACA reporting obligations.