Happy New Year from the Federal Government! The ACA Reporting Deadlines Have Been Extended!

This post is part of the TriNet ongoing series about the Affordable Care Act and its effects on small business.

Midsize companies can start 2016 with some welcome news from the government! The IRS announced on December 28 that Applicable Large Employers (ALEs) subject to the Affordable Care Act (ACA) 2015 Section 6056 reporting requirements have extended deadlines to file their required forms with the IRS.

To start, review our post on ACA for midsize employers to determine if your business is considered an ALE for ACA-reporting purposes.

Here is a breakdown of forms ALEs are required to file and their new deadlines:

• ALEs have an additional two months to furnish Form 1095-C to full-time employees and covered individuals, extending the deadline to March 31, 2016.

• ALEs that file more than 250 of the 1095-C forms should also plan to file Form 1094-C and data electronically. The due date for filing this form electronically has been extended to June 30, 2016.

• For non-electronic filers, the deadline to file Form 1094-C with the IRS is now May 31, 2016.

The IRS also delayed the ACA Section 6055 filing deadlines for insurance carriers and self-insured plans:

• Form 1095-B must be furnished to individuals by March 31, 2016.

• Form 1094-B is due to the IRS by June 30, 2016, if filed electronically.

Taxpayers generally will not be impacted by the extensions, even if they do not receive their forms prior to filing their individual tax returns. Most taxpayers will simply check a box on their tax returns to indicate they had coverage for the year and are not required to include Form 1095-C or Form 1095-B when filing their returns.

TriNet provides resources to help our ALE clients comply with the new reporting requirements. Contact TriNet for more information on our HR solutions for ACA compliance.

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