IRS extends deadlines to file Forms 1094-1095 for ACA reporting

With many taking well-deserved time off over the holidays to enjoy the company of family and friends, you may have missed news of a significant Affordable Care Act development. On Monday, December 28, the IRS extended the deadline for companies to file Forms 1094-1095, which document ACA compliance. Forms 1094-1095 must be filed by firms with at least 50 full-time employees in tax year 2015.

Here are the changes:

-- Firms now have until Thursday, March 31, 2016 to furnish forms 1095-B or 1095-C to employees. The previous deadline was Monday, February 1.

-- Furthermore, firms now have until Thursday, June 30, 2016 to electronically file Forms 1094-B, 1094-C, 1095-B and 1095-C with the IRS. Paper filers have until Tuesday, May 31, 2016 -- the day after Memorial Day -- to file Forms 1094-1095. The old deadlines were February 29, 2016 (paper) and March 31, 2016 (electronically).

The good news with this development? Firms get a little more breathing room when it comes to ACA compliance.

However, the IRS has also noted that no more extensions are forthcoming.

In short, it's still time to get down to business on Forms 1094-1095.

And we can help.

The Plexus Groupe offers preparation, filing, data-gathering and consultative services for Forms 1094-1095, and we are dedicated to helping clients navigate the complexities of IRS ACA compliance. And though the 1094-1095 deadline extensions give firms a little more breathing room, time is still of the essence to comply with ACA reporting requirements.

For more on the deadline changes, and for more on The Plexus Groupe’s 1094-1095 services, contact your client representative at 847-307-6100 (Chicago) or 972-770-5010 (Dallas / Oklahoma City). You can also contact us via the Web.