Extension Provides Much-Needed Time to Accurately Complete First Year of Reporting

The IRS has extended the deadlines for information reporting by employers and coverage providers as required under the Affordable Care Act. Notice 2016-4, issued Monday, applies only to reporting for the 2015 calendar year, for which information returns are furnished and filed in 2016.

Information returns are required to be furnished to individuals and filed with the IRS to report (i) enrollment in minimum essential coverage, and (ii) offers of coverage by applicable large employers (i.e., employers with 50 or more full-time employees, including full-time equivalents) to full-time employees and their dependents. Generally, information returns supplied to individuals are due by Jan. 31 and returns to the IRS are due by Feb. 28 (or March 31 if filing electronically) following each calendar year. If these dates fall on a weekend or holiday, they are extended to the next business day. 

The IRS has extended these deadlines for 2015 returns only. The extended deadlines are:

No further extensions for 2015 reporting will be granted, and employers or other coverage providers that do not comply with these extended due dates may be subject to penalties for failure to timely furnish and file the information returns.