The IRS has released a proposed rule that extends the annual furnishing deadlines for Sections 6055 and 6056 reporting under the ACA. The proposed rule:
- Extends the due date for furnishing statements to individuals under Sections 6055 and 6056 by 30 days from Jan. 31 each year; and
- Provides additional penalty relief related to furnishing statements to individuals under Section 6055 for every year in which the individual mandate penalty is zero. Under this relief, employers generally will only have to provide Form 1095-B to covered individuals upon request.
Under the proposed rule, the due date for filing forms with the IRS under Sections 6055 and 6056 remains unchanged. This means that forms must be filed with the IRS by February 28 of the year following the calendar year to which the statement relates (or March 31, if filing electronically).
This rule is in proposed form and has not been finalized. However, the proposed rule provides that taxpayers may rely on the guidance in the rule beginning with the 2021 calendar year, even before the rule is finalized. Towne Benefits will continue to update you on this as updates become available.
The information herein should not be construed as legal or tax advice in any way. This content is provided for informational purposes only. You should seek the advice of your attorney or tax consultant for additional or specific information.