Have you prepared for Affordable Care Act reporting deadlines?

The IRS has pushed back the reporting deadline for 1095-B and 1095-C, originally scheduled for January 31, 2017.  The new deadline for submitting these documents will be March 2, 2017.

The news release from the IRS reads, “Following consultation with stakeholders, the Department of the Treasury and the IRS have determined that a substantial number of employers, insurers, and other providers of minimum essential coverage need additional time beyond the Jan. 31, 2017, due date to gather and analyze the information and prepare the 2016 forms 1095-B and 1095C to be furnished to individuals.”

Business owners must file Forms 1095-B and 1095-C (the size of the company determines which form is used) in order to be in compliance with the Affordable Care Act (ACA).  The data collected shows whether or not businesses are fulfilling their legal obligations with regard to employee health coverage under the ACA.  Please contact us if you have any questions.