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ACA 2016 Deadlines Extended

The deadlines for two Affordable Care Act information-reporting forms for 2016 were extended 30 days by the Internal Revenue Service; the agency said Nov. 18 in a notice.

The due dates were extended to March 2, 2017, from Jan. 31, 2017, for the 2016 Forms 1095-B, Health Coverage, and Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage, the IRS said in Notice 2016-70. The information-reporting forms are given by certain employers to employees as required under Sections 6055 and 6066 of the Internal Revenue Code. Employees do not need to wait to receive Forms 1095-B and 1095-C before filing individual tax returns, the IRS said. The forms should be retained by employees for their records and not sent to the IRS.

The notice also allows for transitional good-faith relief from the penalties imposed by Sections 6721 and 6722 of the Internal Revenue Code, which relate to ACA information-reporting requirements. Employer relief applies to missing and inaccurate taxpayer identification numbers and dates of birth, as well as other information required on returns or statements, the IRS said.

The notice is to be published Dec. 5 in Internal Revenue Bulletin 2016-49.