IRS Defers Obamacare Reporting Deadlines
The IRS has issued a notice extending the due dates for certain 2016 information reporting requirements under the Affordable Care Act (ACA).
ACA means that most Americans are required to maintain ‘minimum essentials coverage, and employers are encouraged to offer that health coverage. Individuals and employers who do not follow these mandates are to make ‘shared responsibility’ payments, or pay tax penalties, to the IRS.
The notice will extend due dates for insurers, self-insuring employers, and certain other providers of minimum essential coverage to provide information forms to the IRS and to individuals under section 2055 of the IRC for January 31- March 2, 2017. These returns are used by the IRS to administer the employee mandate.
The IRS has stated that it has granted the 2016 reporting extensions as it has found that a substantial number of employers, insurers and other providers of minimum essential coverage need additional time beyond January 31, 2017, to gather and analyse data and prepare the 2016 forms.
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