HR Compliance

Another Extension for the ACA Forms

By

Paycom Leadership

| Nov 23, 2016

IRS Announces Form Furnishing Deadline Extension

Another year brings another extension for the Affordable Care Act (ACA) forms, but this time the continuation only applies to furnishing Form 1095-B and 1095-C to your employees. Internal Revenue Service (IRS) Notice 2016-70, issued Friday, November 18, extended the deadline to furnish ACA forms to employees from January 31, 2017, to March 2, 2017.

As a result of this automatic extension, the IRS will not allow any additional extensions to be applied to the new due date. While the date to furnish the forms changed, the date to file with the IRS remains unchanged. Paper forms are still due on February 28, 2017, while electronic submissions are to be submitted by March 31, 2017.

What changes

This notice also extends the “good faith effort” to comply with the information reporting requirements under sections 6721 and 6722. This relief only applies to the information reporting requirements detailed in Sections 6055 and 6056 of the Internal Revenue Code, not the timeliness of the form submission or the failure to furnish a return.

What remains the same

While these changes provide relief for the timing of furnishing forms, other compliance regulations that were finalized in the fall of 2016, such as offering health coverage to 95 percent of full-time employees and their dependents and the omission of the “Qualifying Offer Method Transition Relief” box, remains unchanged.

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