Internal Revenue Service delays Affordable Care Act reporting
Q&A with Brandon Longpublished in The Oklahoman | January 1, 2016
On December 28, 2015, the Internal Revenue Service announced it was extending certain Affordable Care Act reporting deadlines required of self-insured employers, health insurers, government agencies, and other providers of minimum essential coverage, as well as certain large employers. These reporting requirements are the first required for the 2015 calendar year.
According to Long, the law requires providers of minimum essential coverage to annually file information returns with the IRS as well as provide individuals with statements regarding their coverage. In addition, certain large employers – generally those with 50 or more full-time equivalent employees – are required to file and provide similar information relating to the coverage that they do, or do not, provide their full-time employees.
“The deadline for furnishing 2015 statements to individual insureds and/or employees (Form 1095-B and Form 1095-C) was extended from February 1, 2016, to March 31, 2016,” said Long. “The deadline for filing the 2015 returns with the IRS (Form 1094-B and 1094-C) was extended from February 29, 2016, to May 31, 2016, for those filing via paper, from March 31, 2016, to June 30, 2016 for those filing electronically.”
Long explained the consequences of missing these reporting deadlines. “Employers and other coverage providers that do not comply with the extended deadlines are subject to penalties,” he said. “An employer who misses the deadlines would need to show reasonable cause to avoid penalties.”