The first IRS Affordable Care Act deadlines for Tax Year 2016 hit employers this week. If affected firms don't yet have a gameplan for Forms 1094-1095, they should consider filing IRS Form 8809 for a 30-day extension, as the first 1094-1095 extension deadline is Tuesday, February 28, 2017. Firms with 50 or more full-time employees must file Forms 1094-1095 to show whether they have made an offer of health coverage to the employees. (For reference, here are official IRS instructions on Forms 1094-1095 B and 1094-1095 C.)
This week's 1094-1095 deadlines are as follows, with deadlines for extensions in bold:
√ Firms electing to file Forms 1094-1095 on paper -- an option only available to companies with less than 250 full-time employees -- must file by Tuesday, February 28. Firms wishing to file electronically have until March 31. Firms wanting to file on paper who seek an extension must file one by Tuesday, February 28.
√ Firms filing Form 1095-B or 1095-C must have them postmarked and in the mail to employees by Thursday, March 2. Firms seeking an extension to furnish Forms 1095-C or 1095-B to employees must do so by Thursday, March 2.
IRS Form 8809, Application for Extension of Time To File Information Returns, gives filers an "automatic" 30-day extension, per IRS guidance. Form 8809 can be filed online, and a second Form 8809 can be filed for another 30-day grace period "before the end of the first extension period," according to the IRS.
If you would like more guidance on the filing and preparation of IRS Forms 1094-1095, contact Plexus Technology Services at 972-770-5010. We're here to help -- and we're happy to help.