Affordable Care Act (ACA) reporting deadlines are approaching soon under Section 6055 and Section 6056 for the 2020 calendar year. Reporting entities must:
- File returns with the Internal Revenue Service (IRS) by March 1, 2021. If filing electronically, the deadline to file returns is March 31, 2021; and
- Furnish statements to individuals by March 2, 2021.
Despite the extension, the IRS is encouraging reporting entities to furnish statements as soon as they are able. No request or other documentation is required to take advantage of the extended deadline.
Originally, individual statements were due by January 31, 2021. However, the IRS issued Notice 2020-76 in October of 2020 to extend the furnishing deadline. The notice also provided relief from the section 6721 and section 6722 penalties for certain aspects of the 2020 information-reporting requirements under sections 6055 and 6056.
Although the deadline for furnishing 2020 statements to individuals has been extended, be aware that Notice 2020-76 does not extend the due date for filing forms with the IRS.
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Should you have any questions regarding this information, please do not hesitate to reach out to Creative Benefits, Inc. at 866-306-0200 or email@example.com.