The IRS published Notice 2020-76 regarding an ACA deadline extension for TY2020 for employers and providers to issue Forms 1095 to eligible employees. In addition, the extension is automatic and does not require any submitted request.
The deadline to distribute employee copies of Forms 1095 has extended from January 31, 2021 to March 2, 2021.
The deadlines to submit your ACA filing to the IRS remains the same. Paper filers must submit their filing by February 28, 2021. Electronic filers must submit their filing by March 31, 2021.
The deadline extension for TY2020 provides employers and providers extra time to finalize their ACA data before distributing employee copies of Forms 1095.
However, the extension means that individuals may not receive their Forms 1095 before they prepare their individual income tax return. Employers should inform their employees that Forms 1095 are not required to complete their individual income tax return. Their returns can be prepared using other health coverage information. They do not need to wait to receive their Forms 1095 to file their individual returns.
For more information regarding this ACA deadline extension, please refer to the IRS Notice 2020-76 or visit the official IRS ACA webpage.
With this extension, if you are planning on using our Print & Mail services, BoomTax advises that you have your data uploaded to our server by February 15. This ensures you have sufficient time to review and verify your forms before distributing to employees. Print & Mail orders are advised to be finalized by February 22 to ensure timely delivery to recipients.
If you have any questions, concerns, or comments about our product, feel free to reach out to us.
BoomTax, The Boom Post, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors prior to engaging in any transaction.