Tuesday, December 29, 2015

Understanding Another Obamacare Extension

Employers and insurers have been gearing up for a crazy month of January where they must comply with new IRS reporting requirements. Confusion and time constraints will make this month a nightmare for human resource and accounting departments.

But never fear, the IRS is here!

In guidance released yesterday the IRS is providing an extension to these reporting requirements. The reporting requirements pertain to sections 6055 and 6056 and directly impact the time allowed to submit forms 1095-B, 1095-C, 1094-B, and 1094-C. They also give more time to employers so that they won't be subject to fines under codes 6722 and 6721 for failing to file these forms in a timely fashion.

These forms are then used by the IRS to help individuals who have new requirements under section 36B and 5000A. Don't mistake these above mentioned forms with form 1095-A which could also include form 8962 or 8965.

All of these forms are necessary in finalizing your 1040 or 1040EZ except for this year where it might not be possible that you have received your 1095-B or 1095-C in time for tax filing. There is no need to worry as the IRS has indicated that they will not require anyone to file an amended return should they not have their form 1095-B or 1095-C submitted with their 1040 or 1040EZ.


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