In mid-November, the Internal Revenue Service (IRS) issued Notice 2016-70, which extends the deadline for furnishing forms under Sections 6055 and 6056 for 2016 and extends good-faith transition relief from penalties related to 2016 Section 6055 and 6056 reporting.
What Is Good-faith Transition Relief?
In determining good faith, the IRS will take into account whether a reporting entity made reasonable efforts to prepare for reporting the required information to the IRS and furnishing it to individuals (such as gathering and transmitting the necessary data to an agent to prepare the data for submission to the IRS or testing its ability to transmit information to the IRS).
Important Dates to Remember
The 2016 furnishing and reporting deadlines are as follows:
- March 2, 2017—New deadline for furnishing 2016 Forms 1095-B and 1095-C to individuals
- Feb. 28, 2017—Deadline for 2016 filing with the IRS in paper form
- March 31, 2017—Deadline for 2016 filing with the IRS electronically