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Extended due dates for 1095 forms in tax year 2016

The IRS released Notice 2016-70. The notice does two things.

  • The notice gives employers additional time to print and mail the 1095-B and/or 1095-C forms to employees.

The due date was January 31, 2017 and is now March 2, 2017.  Employers must furnish the 1095 forms to the employees by March 2, 2017.  Paper copy of Form 1095 must be sent to the IRS by February 28, 2017 or file Form 1095 electronically to the IRS by March 31, 2017.

Last year, the IRS released Notice 2016-4 which extended the deadlines for furnishing the 1095 forms to individual taxpayers as well as filing the 2015 ACA forms to the IRS (both the paper and electronic filing deadlines were extended in 2015). Notice 2016-70 only extends the due date for providing the 2015 ACA forms to the employees.

  • The notice “extends good-faith transition relief” for another year.

In tax year 2015, the IRS announced that they would not penalize employers for incorrect or incomplete forms if the employer made a good-faith effort to comply with the ACA reporting requirements.  This same good-faith effort is asked of employers in tax year 2016.  Specifically, employers that make a good-faith effort to comply with the ACA reporting requirements for 2016 are not subject to penalties under Code sections 6721 (penalties for late, incomplete, or incorrect filing with IRS) and section 6722 (penalties for late, incomplete, or incorrect furnishing of statement to individual taxpayers).

 

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Erich J. Ruth

Erich J. Ruth provides technical support for National Software which is the parent company for 1099FIRE. 1099FIRE develops and markets a comprehensive range of products that enables any size of business or institution to effectively manage and comply with year-end filing requirements. 1099FIRE is an employee-owned company located in Phoenix, Arizona.

If you have any questions or comments about our software, feel free to contact us at any time.

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