Published in Employee Benefit News on 12/7/2015. By Pamela Evette, QBS President/CEO
Commentary: The Affordable Care Act reporting deadlines are rapidly approaching, presenting a major administrative burden for employers who face penalties for failing to report in a timely and accurate manner. While there has been significant discussion of employer roles and responsibilities, employees have been largely left out of the equation. However, many employees will soon be receiving new forms that are critical to their ability to file their tax returns and to their employers’ ability to accurately fulfill their own reporting requirements. Among these are Forms 1095-A, 1095-B and 1095-C.
With this in mind, it is important for employers to educate individual taxpayers on what they are required to do and when and how to complete these requirements in the easiest and most efficient manner.
Update 1/17/2016: Deadline Extension
The IRS recently extended the deadlines for reporting 2015 information under the Affordable Care Act. Employers now have until March 31, previously Feb. 1, to provide employees with their Form 1095-C or Form 1095-B.
The deadlines for employers to report offers of health coverage to the IRS — forms 1094-B, 1094-C, 1095-B and 1095-C — have been extended by three months. The deadline for paper filing, available only to employers submitting fewer than 250 1095-Cs, is now May 31. The deadline for electronic filing, available to all employers, is now June 30. The deadline extensions apply only to this year.
View a PDF of original article here: What employers need to tell employees about Forms 1095 | Employee Benefit News