Update on ACA Reporting Duties – Revised for IRS Notice 2016-70

updated-ppt

ACA reporting deadlines for applicable large employers arrive early in 2017 and, through Notice 2016-70,  the IRS has now offered a 30-day extension on the January 31, 2017 deadline to furnish employee statements – Forms 1095-C.  The new deadline is March 2, 2017 and it is a hard deadline, no 30-day extension may be obtained.  There is no extension on the deadline to file Forms 1095-C with the IRS under cover of transmittal Form 1094-C.  The deadline for paper filing is February 28, 2017 and the electronic filing deadline is March 31, 2017.  (Electronic filing is required for applicable large employers filing 250 or more employee statements.)

Also in Notice 2016-70, the IRS extended its good faith compliance policy for timely furnished and filed 2016 Forms 1095-C and 1094-C that may contain inaccurate or incomplete information.  This relief is only available for timely filed, but inaccurate or incomplete returns.  Relief for failure to furnish/file altogether is available only on a showing of reasonable cause, and this is a narrow standard (e.g., fire, flood, major illness).

In addition to covering the new transition relief, this-brief-powerpoint-presentation summarizes some changes in the final 2016 Forms 1094-C and 1095-c, from last year’s versions, and includes some helpful hints for accurate and timely reporting.

3 Comments

Filed under Affordable Care Act, Applicable Large Employer Reporting, Employer Shared Responsibility, Minimum Essential Coverage Reporting, PPACA, Uncategorized

3 responses to “Update on ACA Reporting Duties – Revised for IRS Notice 2016-70

  1. Rash, Susan

    Thank you for your post – I do enjoy reading your materials. Hope you don’t mind an observation or two:

    On slide 5 you note $2080 A penalty , is that not $2160 in 2016—are you using 2015 amounts?
    Same for slide 6, you note $3120 B penalty, think it should be $3240 for 2016?
    And on slide 8 – 1A you note $92.97 which is also 2015 – think it should say $94.75, 2016 = 9.66% *FPL ?

    If I’m wrong, please advise, as this is the updated information we are sharing with clients. Thanks

    Susan Maley Rash, CEBS, REBC
    Senior VP, Health Care Reform Practice Leader
    Employee Benefits – National
    BB&T Insurance Services, Inc.
    804-678-5056 direct
    800-249-0061 toll free
    2108 West Laburnum Avenue, Suite 300
    Richmond, Va 23227
    SRash@BBandT.com

    We are not engaged in the practice of law, and the foregoing is not intended as legal advice nor is it intended to replace any legal opinion from counsel. We recommend that you consult with your attorney or tax advisor regarding any issues contained herein. The foregoing is not intended or written to be used, and cannot be used, for the purpose of avoiding tax-related penalties.

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