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Monday, 04 January 2016 17:00

2016 Employer 1095 Reporting Due Dates Extended

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By now you are very aware of the ACA reporting requirements for the 2015 Minimum Essential Coverage (MEC) and Large Employer Shared Responsibility regulations, which will help the feds track the compliance of companies with the employer mandate and individuals with the individual mandate. On December 28th, the IRS announced extensions for the 2016 reporting due dates.  Below is a summary of the forms and the new due dates:

2015 Report

Required By

Original Deadline

Extended Deadline

Forms Sent to Individuals:
Form 1095-B
Form 1095-C

 

Self-funded small employers (under 50 FTEs)

Large employers (50+ FTEs)

2/1/2016

3/31/2016

Forms Filed with the IRS:
Forms 1094-B and 1095-B
Forms 1094-C and 1095-C

 

Self-funded small employers (under 50 FTEs)

Large employers (50+ FTEs)

2/29/2016 – if filing on paper 
3/31/2016 –  if filing electronically

5/31/2016 – if filing on paper 
6/30/2016 – if filing electronically

Although the deadlines have been extended, we encourage employers to provide the necessary forms as soon as possible.  The IRS has stated that no additional extensions will be granted, and companies that do not comply could face penalties.  Individuals who receive their 1095 forms after they have already filed their tax returns for 2015 will not be required to amend their returns. However, they should keep their 1095 forms with their tax records.

Failure to file/furnish an annual IRS return or provide individual statements to all full-time employees originally carried a penalty of $100 per form.  The current penalty amount is now $260 per form. The annual cap on penalties has also increased from $1,500,000 to $3,178,500.  

Don’t hesitate to contact us with any questions!

Read 9453 times Last modified on Monday, 14 September 2020 19:59
Tonya Young

Tonya is our Senior Account Manager and brings eleven years of prior insurance company expertise to Fall River, having worked at Anthem Blue Cross and Great-West Healthcare (now part of CIGNA). Tonya holds a Bachelor of Science in Psychology from Texas A&M University. Originally from Minnesota, she loves the Colorado outdoors and enjoys family time with her young daughter.