The IRS has released Notice 2016-70 granting an automatic 30-day extension of the due date for furnishing to individuals the 2016 1095 statements from January 31, 2017 to March 2, 2017. Even though the IRS is granting the extension, they encourage employers and other coverage providers to furnish statements and file the information returns as soon as they are ready.
In addition to the statement relief, the IRS is also providing penalty relief for incorrect or incomplete 2016 1095 forms for employers and providers who can show that they have made a good-faith effort to obtain the information and comply with the reporting requirements. Such information includes missing/inaccurate SSN/TIN’s, dates of birth and other information that is required to be reported on the forms.
The IRS is not providing relief from the deadlines to transmit the 1095 forms to the IRS; those deadlines remain February 28, 2017 for paper filings and March 31, 2017 for electronic filing.
To Inquire, Review, or Discuss Any Updates Addressed on this Page
Source: HR 360, Inc.
All rights reserved