Revised Affordable Care Act (ACA) Alert – New Due Dates

by Camico | Jan 14, 2016

The following alert has been modified as a result of some of the due dates being extended by the IRS and the U.S. Treasury on December 29, 2015, as follows:

According to the Journal of Accountancy (Jan. 4, 2016), Because the IRS is extending the due dates for these information returns, the normal provisions for requesting extended due dates for these forms will not apply. The IRS also encouraged employers who cannot meet the extended due dates to file the returns anyway. The IRS says it will take into account whether the employers made reasonable attempts to comply with the requirements and the steps that have been taken to prepare for the 2016 reporting requirements when determining whether to abate penalties for reasonable cause.

The extended due dates for information returns required to be furnished to individual taxpayers may make it difficult for employees who may not receive the information in time to file their returns. For those taxpayers, the IRS is providing relief by eliminating any requirement that they file amended returns if they receive these statements after they have filed their returns. They should, however, keep the information returns with their tax records.

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See more at: http://www.journalofaccountancy.com/news/2016/jan/health-care-information-return-due-dates-201613615.html#sthash.mYuD1IX9.dpuf

For more information regarding the due date extensions, see Notice 2016-4 at this link: https://www.irs.gov/pub/irs-drop/n-16-04.pdf

This post was originally published at www.camico.com and reprinted with permission.