Employers scrambling to send health care-related tax forms to their employees by February 1 now have more time to do so, according to an IRS announcement earlier this week.
The IRS has extended to March 31, 2016, the due date to send individuals the Forms 1095-B and 1095-C for 2015. Originally, the deadline to send these forms to individuals was February 1, 2016.
Employers will also have three more months to file these and other related forms with the IRS. If not filing electronically, Forms 1094-B, 1094-C, 1095-B and 1095-C must be sent to the IRS by May 31, 2016, instead of February 29, 2016. Employers who file these forms electronically must submit them to the IRS no later than June 30, 2016, rather than March 31, 2016.
These forms are required under two sections of the Affordable Care Act, 6055 and 6056, which collects annual information returns about coverage provided by employers and the health insurance the employer does or does not provide to employees.
Here is a breakdown of the forms and their new, extended deadlines:
- Due to individuals by March 31, 2016:
- 2015 Form 1095-B, Health Coverage
- 2015 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage
- Due to the IRS by May 31, 2016, if not filing electronically, and by June 30, 2016, if filing electronically:
- 2015 Form 1094-B, Transmittal of Health Coverage Information Returns
- 2015 Form 1095-B, Health Coverage
- 2015 Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns
- 2015 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage
Your RKL advisor can explain how these deadline changes affect you and help you prepare the necessary forms. Contact them directly or one of our local offices for assistance.
