With much of the rhetoric in Washington D.C. during the past couple of weeks over funding of the border wall and the current government shut down, employers still may have reporting requirements for 2018 under the Affordable Care Act (ACA). The Act requires insurers, self-insuring employers, and those employers with 50 or more full-time equivalents (FTEs) to report certain information to the IRS and Social Security Administration using forms 1095-B, 1095-C and 1094.
On a positive note, the IRS has extended the due dates for the 2018 ACA information reporting to each individual with Notice 2018-94. The insurers and employers with 50 or more FTE's will now have until March 4, 2019, instead of Jan. 31, 2019, to issue their 2018 Form 1095-B or 1095-C to their employees and covered individuals. This extension does NOT apply to the employer reporting to the IRS along with Form 1094 transmittal, which will remain at February 28 (March 31 if filing electronically). Employers are still encouraged to report and issue the necessary 2018 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 2018 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 us in one of our many locations.