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IRS Extends Due Dates for 2015 ACA Information Forms

If you’re scrambling to submit the newly mandated health insurance coverage information forms, take a breath. The IRS succumbed to public pressure from panicked employers and payroll service providers by pushing those deadlines back. But some taxpayers’ ability to file a complete individual tax return early will be affected.

The new due date—originally February 1—for 2015 Form 1095-B, Health Coverage and Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is March 31, 2016.

As a result, the IRS also moved the deadline for 2015 Form 1094-B, Transmittal of Health Coverage Information Returns, from March 31 to May 31, 2016 if mailed, and June 30 if filed electronically.

In most cases, Internal Revenue Code Section 6055 requires employers who provide insurance coverage to report these annual returns to covered individuals on Form 1095-B.

Section 6056 reporting of employer-sponsored coverage only applies to applicable large employers (those with at least 50 full-time employees, including full-time equivalents) based on the prior year.

No application for extension is required, according to Notice 2016-4.

The IRS encourages filing these returns, even if late, as both they and the insured need this data to fulfill the minimum essential coverage requirement for each year and every taxpayer. The IRS will consider abating penalties for filing late if reasonable cause exists.

Of course, taxpayers and their return preparers will face consequences for not filing a complete return by the regular due date in April.

Taxpayers may file extensions to avoid penalties, or amend their return—if filed early—after their Form 1095 series data are received. Especially impacted by extended due dates are those taxpayers who received or qualify for a subsidy through an insurance plan received through a state exchange.

As always, provide all information returns to your tax preparer and keep them with your tax records. We understand the complexity of this process, especially in these early years of reporting insurance coverage, so feel free to contact the tax accountant team at Patrick & Robinson CPAs for help: Office@CPAsite.com or (904) 396-5400.

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