On Dec. 28, the IRS extended the due dates for new health care information reporting forms in 2016. Applicable Large Employers*, ALEs, and self-insuring employers, now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS. These employers must furnish individuals with either Form 1095-B or 1095-C by March 31, 2016. The due dates for issuers filing these forms and the associated Form 1094 with the IRS are May 31, 2016 for paper filers and June 30, 2016 for electronic filers.
Individual taxpayers will generally not be affected by this extension and should file their tax returns as they normally would.
The IRS has stated that they are prepared to accept information reporting Forms 1094-B, 1095-B, 1094-C, and 1095-C beginning in January 2016. However, they wanted to give additional time to employers, and insurers to adapt and implement systems and procedures to gather, analyze, and report this information.
For ALE, employers with 50 or more full-time employees Form 1095-C Employer-Provided Health Insurance Offer and Coverage for full time employees, and instructions. The related transmittal form, 1094-C.
For more information
*If an employer has at least 50 full-time employees, including full-time equivalent employees, on average during the prior year, the employer is an ALE for the current calendar year. For more details see this page. Be sure to prepare for the next year’s reporting requirements throughout the calendar year.
We hope this information is valuable to you. If you have any questions regarding this alert, please do not hesitate to contact Holman HR.