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Video instructions and help with filling out and completing Who Form 1094 B Furnished

Instructions and Help about Who Form 1094 B Furnished

Hi, I'm Dan Cooper. Welcome to this episode of Compliance Minute. On December 28, 2015, the IRS issued Notice 2016, which delayed important 2016 deadlines for ACA information reporting. Specifically, the deadline for furnishing the forms 1095-C and 1095-B to individuals was delayed by two months, from February 12 to March 31. The deadline for filing the forms with the IRS was delayed by three months, from February 29 to May 31, and from March 31 to June 30 for electronic filings. This extension from the IRS came as a big relief to employers who were struggling to complete the forms by the end of the year. The IRS explained that the extension was necessary because some employers, insurers, and other coverage providers needed additional time to adapt and implement systems and procedures to gather, analyze, and report the required information. In addition to the extension of deadlines, the notice also explains that for the 2015 tax year, individuals who rely on information received from their employers or coverage providers to determine their eligibility for a premium tax credit or their exposure to a penalty under the ACA's individual mandate rules do not need to amend their tax returns once they receive their forms 1095-C or 1095-B. Furthermore, they do not need to send these forms to the IRS when filing their returns, but should keep them with their tax records. The notice further clarifies that because the extensions granted under this notice are more generous than those already submitted to the IRS, the IRS will not grant any additional extensions. For more information on this and other topics, please visit our Knowledge Center at corpcenter.com. Thank you.