Today, the IRS announced an ACA deadline extension for issuing employee copies for tax tear 2016.
ACA Deadline Extension
Notice 2016-70 extends the due date for furnishing the 1095-C forms to the employees from January 31, 2017 to March 2, 2017. Although the IRS has issued this automatic 30-day extension, they still encourage employers to provide the forms to their employees as soon as they are available.
What about the filing due dates?
This ACA Deadline extension, however, does not affect the filing due dates. The IRS has stated the paper filing deadline (February 28, 2017) will remain unchanged. This also includes the electronic filing deadline of March 31, 2017.
Extension of the “Good Faith” Transition Relief
The IRS has also announced they are extending the “good faith” transition relief from penalties for tax year 2016. This relief applies to employers who furnished to the employee or filed with the IRS, incorrect or incomplete forms. Under this transition relief, the employer may be exempt from penalties as long as they can prove there was a valid effort to comply with the reporting requirements. This includes efforts to furnish accurate forms to their employees by the due dates. They also must document steps taken to correct any incorrect information.
This ACA deadline extension provides a bit of relief for employers by allowing more time to furnish recipient ACA forms.
Don’t delay! Use our quick guide to ensure that your tax forms are prepared, distributed, and filed on time with BoomTax. Be sure to check out our other quick guides and downloadable PDF guides to become an expert in year-end filing.
If you’d like to learn more about ACA reporting, keep reading here:
- Employer Shared Responsibility
- ACA Draft Instructions Released
- Form 1095-C Import Spreadsheet
- Prepare Employees for 1095-C Form
- ACA Reporting Deadlines
- New Updates for Non-Calendar Year Plans
- IRS Releases AIR Production Shutdown/Cutover Schedule
- BoomTax API: A RESTful API for the IRS AIR System
- Secure Your Account with Our SecureWipe Service
- Two Factor Authentication Now Available
- Looking for an ACA filing solution?
- Free ACA E-filing Service for Small Businesses
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.