FINRA's BrokerCheck

ACA reporting deadline reminders

As it did last year, the IRS has extended the deadline from January 31 to March 2 for employers and insurers to furnish individual statements on 2017 health coverage and full-time employee status (Forms 1095-B and 1095-C).

The new guidance does not extend the deadlines for submitting the forms, along with Forms 1094-C and 1094-B, to the IRS. Those deadlines remain February 28, 2018, for paper forms and April 2, 2018, for electronic filings. Those submitting paper forms should take note that the IRS filing deadline precedes the date for providing the forms to individuals.

The IRS is also extending good faith transition relief from section 6721 and 6722 penalties to the 2017 information reporting requirements under sections 6055 and 6056. This relief applies to incorrect or incomplete information supplied on the form or statement where the entity can show they made a good effort to comply with ACA guidelines. This relief does not apply to missed filings.

If you have any questions or would like to learn more, please contact your Rehmann advisor today.

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