IRS Extends Deadline for Filing 2016 ACA Reporting Forms 1095
In a recent announcement by IRS, the deadline for mailing 2016 reporting forms-1095, has been extended from January 31st, 2017 to March 2nd, 2017. However, the deadline for electronically transmitting reporting data to the IRS remains March 31st, 2017.
Similarly, employers still need to file the forms by mail by February 28, 2017. As the dates for filing with the IRS are not extended, there is no impact on the other reporting requirements and provisions that are applicable for additional extensions. These include the 30-day automatic extension on submitting Form 8809 (Applicable for Extension of Time to File Information Returns) request still remain the option on or before March 31, 2017. In addition to it, a filer can also submit an extension request before initial extended period expires by giving a justifiable reason for extension request.
The recent extension has been a welcoming surprise for employers, but they must keep in mind that the extension applies only to 2016 reporting and will not affect the provisions for coming years. IRS has been very generous to employers both years as last year also, employers were granted extension for filing the forms.
The Notice 2016-70, also extends the “good-faith relief” for 2016 reporting as well. The employers can get transition relief and avoid paying penalty for making any errors in the reporting if they demonstrate that they made genuine efforts to comply with the reporting requirements as per Sections 6055 and 6056.
Therefore, with the good faith relief extension, IRS also makes it clear that to determine the applicability of the relief, it will further consider the extent to which the employers or coverage provider took steps to ensure compliance with the reporting requirements for 2017. Moreover, IRS has also made it clear that the penalties still remain the same and employers must fulfill the reporting requirements on time with respect to the new deadlines to avoid any penalties due to non-compliance.
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