Affordable Care Act (ACA) reporting deadlines are approaching soon under Section 6055 and Section 6056 for the 2019 calendar year.
Reporting entities must:
- File returns with the Internal Revenue System (IRS) by February 28, 2020 if filing on paper (or March 31, 2020 if filing electronically); and
- Furnish 2019 Forms 1095-B and 1095-C to individuals by March 2, 2020.
The IRS is encouraging reporting entities to furnish statements as soon as they are able.
Extended Furnishing Deadline
The IRS determined that some employers, insurers and other providers of minimum essential coverage (MEC) need additional time to gather and analyze the information and prepare 2019 Forms 1095-B and 1095-C to be furnished to individuals. This explains why the IRS issued Notice 2019-63 to extend the furnishing deadline an additional 31 days.
Filers are not required to submit any request or other documentation to the IRS to take advantage of the extended furnishing due date of March 2, 2020.
Reporting under Sections 6055 and 6056
The ACA’s individual mandate penalty has been reduced to zero, beginning in 2019, however Section 6055 reporting continues to be required with the exception of transition relief in some cases.
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Should you have any questions regarding this information, please don’t hesitate to reach out to Creative Benefits at 866-306-0200 or solutions@creativebenefitsinc.com.