ACA Reporting – Earlier Deadlines for 2017

shutterstock_75495442Just when you thought your ACA information reporting was over, it’s time to start planning for 2017.

Although the due dates for the first year of reporting were extended, transition relief has ended. Unless the IRS releases additional relief, the dates for your 2016 reporting will revert back to the original dates provided in the final regulations.  This means individual statements to employees must be provided by January 31, 2017, while IRS returns must be filed by February 28, 2017 (March 31, 2017, if filed electronically).  Employers filing 250 or more returns for the calendar year must file electronically.  For employers with fewer than 250 returns, electronic filing is voluntary.

In July, the IRS released 2016 draft forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. Forms 1094-B and 1095-B are used by entities reporting under Section 6055, including self-insured plan sponsors that are not applicable large employers (ALEs).  Forms 1094-C and 1095-C are used by ALEs to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.  Draft instructions for these forms were also released on Aug. 1, 2016.

Employers should review these draft forms and instructions now to become familiar with the planned revisions for their 2016 reporting. However, the 2016 forms are draft versions only, and should not be filed with the IRS or relied upon for filing.

If you need additional assistance with your ACA reporting please visit AssuredPartners NL Employee Benefits.

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