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As employers move into their second year of reporting under the Affordable Care Act (ACA), the IRS has extended penalty relief and the due dates for ACA information reporting. Employers with 50 or more full-time employees will now have until March 2, 2017 (instead of Jan. 31, 2017) to issue their 2016 Form 1095-B or 1095-C to their employees and covered individuals. This extension does NOT apply to the employer reporting to the IRS with Form 1094 transmittal, which will remain at February 28 (March 31 if filing electronically).

The IRS' decision (Notice 2016-70 announced last week) to extend the due dates was based on feedback from employers, insurers and other providers of coverage that expressed the need for additional time to gather information and distribute the necessary forms to the individuals. Employers are still encouraged to report and issue the necessary 2016 information statements as soon as possible.

As was the case during the past year, individual taxpayers wishing to file their annual income tax returns do not need to wait for the 2016 forms to be received from their employers or coverage provider. They may rely on other information received from their employer or coverage provider for the purposes of filing their return or determining tax credit eligibility.

For assistance with the implementation of the many provisions of the Affordable Care Act, contact your local UHY LLP professional, or visit us on the web at