Dive Brief:
- Employers have an extra 30 days to deliver 2016 Affordable Care Act reporting information, forms 1095-C and 1095-B, to employees, says SHRM. The IRS announced the delayed deadline in Notice 2016-70 on Friday. The initial deadline was Jan. 31, 2017.
- The IRS and the Treasury Department initiated the delay to give employers and insurers more time to collect and assess the data needed to prepare the ACA reporting information forms. Form 1095-C applies to the Employer-Provided Health Insurance Offer and Form 1095-B applies to Health Coverage.
- Employers must submit all their forms to the IRS by the original deadline, Feb. 28, 2017.
Dive Insight:
Employers might have been surprised by the 30-day extension, as SHRM noted. The IRS and the Treasury Department wisely chose to give employers and insurers more time to study the data needed to prepare the forms properly.
With more time to prepare the forms, employers can give employees more accurate ACA tax-related information for filing their taxes.