On Dec. 28, the IRS extended the due dates for new healthcare information reporting forms in 2016.
Insurers, self-insuring employers, other coverage providers, and applicable large employers now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS.
Providers and certain employers must now furnish individuals with either Form 1095-B or 1095-C by March 31, 2016.
The due dates for issuers filing these forms and the associated Form 1094 with the IRS are May 31, 2016, for paper filers and June 30, 2016, for electronic filers.
Individual taxpayers will generally not be affected by this extension and should file their tax returns as they normally would.
However, due to these extensions, some individual taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 tax return.
While the information on these forms may assist in preparing a return, they are not required. Like last year, taxpayers can prepare and file their returns using other information about their health insurance.
Individuals do not have to wait for their Form 1095-B or 1095-C in order to file.
The IRS has not extended the due dates for Health Insurance Marketplaces to issue Form 1095-A.
Individuals who enrolled for coverage through the Marketplace should receive Form 1095-A by February 1, 2016, and should wait to file their returns until the receive their Form 1095-A.
Questions and Answers for New Information Reporting Forms
An additional information posting from the IRS pertains to individuals but may offer helpful guidance for employers' understanding.
The series of questions and answers includes a basic explanation and convenient chart listing the various new ACA Information Forms used for reporting purposes, who they will be sent to, who they will be sent by, and what to do with each form.
There is also guidance on how individuals should proceed with filing their tax returns when, as a result of the extended time for these forms to be distributed, individual taxpayers may not receive the ACA Information Forms prior to tax filing.
As always, CBIA is your go-to source for information about employer obligations under the ACA.