Recently, the IRS has announced updated ACA deadlines for tax year 2015.
Updated ACA Deadlines
On December 28th, the IRS released updated ACA deadlines as follows:
- Deadline to distribute Form 1095-C to employees and covered individuals – March 31, 2016
- Deadline to paper file with the IRS – May 31, 2016
- Deadline to E-file with the IRS – June 30, 2016
The IRS has also noted that extensions will not be available in addition to the new deadlines:
Importantly, the IRS explained that because the new deadlines are available to all filers and are more favorable than the extensions that were otherwise available, no additional automatic or permissive extensions will be granted.
The importance of filing by the new deadlines cannot be understated, as the IRS is applying a good faith compliance standard to all timely filed forms reporting 2015 information. Under this standard, the IRS will not assess a penalty for incomplete or incorrect information on the reporting forms as long as the forms were filed on time and the filer can show that it completed the forms in good faith.
Accordingly, BoomTax has also updated ACA deadlines recommendations:
- Recommended day to have filing prepared (to allow enough time to create employee copies) – March 15, 2016
- Final date for print and mail requests. Orders are processed as first come first serve. Orders that are placed after this date have a greater chance of missing the employee copy deadline. – March 20, 2016
More Information on ACA Reporting:
- IRS Letter 226-J
- BoomTax ACA Spreadsheet Guidelines
- Preparing for ESRP
- Alternative form for Qualifying Offer Employees
- What is the Qualifying Offer Method?
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.