The U.S. Department of Treasury and the IRS have announced they are extending some Affordable Care Act reporting deadlines to help companies meet their requirements.
According to the Treasury’s statement on Monday, the deadlines for employers to provide individuals with reporting forms was extended by two months to March 31 (from Feb. 1). The deadline for reporting information to the IRS (by paper or electronically) has been extended by three months to May 31 and June 30.
The deadline changes relate to the filing of Form 1095-B, Health Coverage, and the Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. This is the first year employers and insurers must file Form 1095 to remain in compliance. Those who do not file by the new deadlines will be subject to penalties under 6721 and 6722.
Although these deadlines have been extended, it is always a good idea to prepare early. We can help!
ACA requirements are complex and confusing. Avionté clients, please reach out to your Client Manager for more information about the tools we have in place to help you with ACA compliance. Want to learn more about how Avionté Staffing Software handles ACA compliance? Contact us today.