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Extension of Due Dates for 2016 Individual Statements Under Affordable Care Act Information Reporting

In Notice 2016-70 (the ?Ç£Notice?Ç¥), the IRS extended the due date, from January 31, 2017 to March 2, 2017, for employers (including so-called ?Ç£applicable large employers?Ç¥), insurers, and other providers of ?Ç£minimum essential coverage?Ç¥ in 2016 (?Ç£Reporting Entities?Ç¥) to furnish statements to individuals on IRS Forms 1095-B and 1095-C, pursuant to the Affordable Care Act?ÇÖs information reporting requirements (the ?Ç£ACA Reporting Requirements?Ç¥). The Notice also extends the IRS?ÇÖs transition relief from penalties that Reporting Entities could otherwise incur for incorrect or incomplete information reported on their 2016 information returns. To obtain this relief, a Reporting Entity must show that it made a good faith effort to comply with the ACA Reporting Requirements in furnishing statements to individuals and filing with the IRS. Notably, the Notice does not extend the due date under the ACA Reporting Requirements for Reporting Entities to file their 2016 information returns with the IRS. Accordingly, that… Continue Reading

November 2016
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