November 21, 2016
YELLOW ALERT: IRS Extends Due Dates for Certain ACA Information-Reporting Requirements
On Friday, the IRS extended the due date for certain 2016 ACA information-reporting requirements for insurers, self-insuring employers and certain other providers of minimum essential coverage by issuing Notice 2016-70.
The Council is a strong advocate for streamlining the reporting requirements altogether, and while this doesn’t undue its arduous obligation, it does provide more time to comply.
Under the notice, Treasury and the IRS are extending by 30 days the due date for furnishing the 2016 Form 1095-B and the 2016 Form 1095-C, from January 31, 2017 to March 2, 2017. The notice also extends good-faith transition relief from sections 6721 and 6722 penalties to the 2016 information-reporting requirements under sections 6055 and 6056.
We’re optimistic that our efforts to streamline the reporting requirements will get new life next year as we expect the new Congress and Administration to make significant changes to the ACA.
The Council expects major changes to the reporting requirements and relative mandates to be included in a broad ACA repeal package early next year. As always, we’ll keep you posted of those developments as they occur.