Neighbor News
Key Updates on IRS Employer Reporting
This post is intended to help and inform all employers and human resources professionals in our area of the new IRS reporting deadlines.
In the past few months, employers across the country have been killing themselves and/or their HR department to complete the new reporting requirements, 1095C and 1094B. It is a growing concern to meet all of the new ACA requirements, manage benefits properly and still have time to conduct business. As a resident of Northern VA and a member of the Employee Benefits industry, I have decided to begin a series of posts to help employers and HRs have the most up-to-date information for their firms.
The IRS reporting deadlines are my chosen to starting point as they have changed, but are quickly approaching. There have been multiple extensions and, in many cases, the extensions were just as hard to keep up with as the information.
On December 28th, the IRS issued IRS Notice 2016-4, extending the deadlines for 2015 ACA information reporting. The IRS states the purpose of the extensions is to provide reporting entities with “additional time to adapt and implement systems and procedures to gather, analyze, and report the required information.” The extended deadlines are also likely in response to a high volume of extension requests and the general industry turmoil surrounding the data integration complexity involved in preparing the forms.
The new deadlines are as follows:
Forms 1095-B and 1095-C: Employers are to furnish to individuals
Previous Due Date: February 1, 2016
Extended Due Date: March 31, 2016
Forms 1094-B and 1094-C: Paper Filing - furnish this form along with copies of Forms 1095-B or 1095-C to the IRS
Previous Due Date: February 29, 2016
Extended Due Date: May 31, 2016
Forms 1094-B and 1094-C: Electronic Filing (required for 250 or more returns) – furnish this form along with copies of Forms 1095-B or 1095-C to the IRS
Previous Due Date: March 31, 2016
Extended Due Date: June 30, 2016
Please note the automatic and permissive extensions discussed in the instructions to the Form 1094-C and Form 1095-C no longer apply.
Nikki Petrazzuolo
VP, Benefits at The DeChristopher & Preferred Insurance
See irs.gov for direct source information.
