November 22, 2016

Reporting Deadline for 1095-B and 1095-C Now Extended

The IRS recently issued a notice granting an extension of the 1095-B and 1095-C reporting. Specifically, the notice extends the due date for furnishing the 2016 Form 1095-B, Health Coverage, and the 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2017, to March 2, 2017.

Following consultation with stakeholders, the Department of the Treasury and the IRS have determined that a substantial number of employers, insurers and other providers of minimum essential coverage need additional time beyond the January 31, 2017, due date to gather and analyze the information and prepare the 2016 Forms 1095-B and 1095-C to be furnished to individuals.

The extension applies to insurers, self-insuring employers, and certain other providers of minimum essential coverage under section 6055 of the Internal Revenue Code and to applicable large employers under section 6056 of the Code. This notice also extends good faith transition relief from section 6721 and 6722 penalties to the 2016 information reporting requirements under sections 6055 and 6056.

This extension does not apply to the filing of information returns to the IRS and the deadline for filing paper returns remains February 28, 2017, while the electronic filing deadline is March 31, 2017.

For more information, please contact Jonathan Alexander at (949) 885-2330.