NEWS FLASH: Affordable Care Act Deadlines Extended

ACA Deadline Extended Jan16The Internal Revenue Service (IRS) has extended the reporting deadlines for health care information required under the Affordable Care Act (ACA). Insurance companies, self-insuring employers, large companies and other coverage providers were originally required to provide enrollment and coverage information to the IRS this month. But the IRS, while still encouraging the filing of information returns immediately, has moved the deadline for several categories.

Providers and certain employers must now furnish employees with either a Form 1095-B or 1095-C by March 31, 2016. IRS information returns (Form 1094) are now due by May 31, 2016 (for paper filers) or June 30, 2016 (for electronic filers).

The extended deadlines mean that some employees may not receive their Form 1095-B or Form 1095-C in time to file their individual tax returns. The forms, while helpful in filing a return, are not required and individuals should not wait for the forms to file their tax returns. Other sources of information may be used to identify information about health insurance.

One deadline that has NOT been extended is the filing of Form 1095-A that must be filed by Health Insurance Marketplaces. Individuals who enrolled for coverage through the Marketplace should receive Form 1095-A by February 1, 2016, and should not file a return until they receive the form.

A full rundown of the updated deadlines, which forms must be filed, and who should receive forms can be found on the IRS website.

For additional information about ACA health care information filing requirements, or on any other tax topic, please contact Gray, Gray & Gray’s Tax Department at (781) 407-0300.

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