New IRS Guidance Extends ACA Reporting Deadlines
On December 28, 2015 the Internal Revenue Service (IRS) extended the due dates for the 2015 information reporting requirements for insurers, self-insuring employers, and certain providers for minimal essential coverage under section 6055 of the Internal Revenue Code and the information reporting requirements for applicable large employers under 6056 of the code.
This 2-month extension of the deadline for furnishing the applicable ACA forms to individuals and the 3-month extension for filing the applicable ACA forms with the IRS is a huge relief to many employers.
While this extension may provide a brief sigh of relief, employers are encouraged to furnish statements and file returns as soon as possible. The amount of time it takes to collect all of the necessary pieces of information to accurately complete the required forms has taken many employers by surprise. It is also important to note that these extensions apply only to 2015 returns and information statements.
Please note, employers that do wish to take advantage of the extension are not required to issue a request to the IRS, and the IRS will not formally grant requests for extensions that have already been made.
For more information on the IRS announcement, see IRS Notice 2016-4 by visiting www.irs.gov.
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