On the Edge of Compliance - December 2019
The Final Forms for 2019 ACA Reporting Have Been Released
The IRS has released the final 2019 forms and instructions for reporting under Internal Revenue Code (Code) Sections 6055 and 6056.
- Forms 1094-C and 1095-C will be used by applicable large employers (ALEs) as well as sponsors of self-insured plans.
- Forms 1094-B and 1095-B will be used by self-insured plan sponsors that are not ALEs.
Reporting is still required, despite the fact that the individual mandate penalty has been reduced to $0. Individual statements must be furnished by March 2, 2020, and IRS returns must be filed by Feb. 28, 2020 (March 31, 2020, if filed electronically). Learn more here!
Transition Relief for 2019 ACA Reporting
The due date for furnishing forms under Sections 6055 and 6056 for 2019 was extended from Jan. 31, 2020, to March 2, 2020 by the IRS. Good-faith transition relief from penalties has also been extended for 2019 reporting. There is also additional penalty relief related to furnishing 2019 forms to individuals under Section 6055. Under this relief, employers will only have to provide Form 1095-B to covered individuals upon request.
The due date for filing forms with the IRS for 2019 still remains Feb. 28, 2020 (March 31, 2020, if filing electronically). Continue reading here!
Filed Under: Benefits Briefs