Taxes

Important ACA Update

January 1, 2016

The deadlines for submitting ACA paperwork have been extended! Learn about the paperwork and what the changes may mean for you and your employees!

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Three days ago, on Dec. 28th, the IRS announced that they have extended the due dates for new health care information reporting forms in 2016. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS. Providers and certain employers must now furnish individuals with either Form 1095-B or 1095-C by March 31, 2016. The due dates for issuers filing these forms and the associated Form 1094 with the IRS are May 31, 2016 for paper filers and June 30, 2016 for electronic filers.

However, due to these extensions, some individual taxpayers may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 tax return. While the information on these forms may assist in preparing a return, they are not required. Like last year, taxpayers can prepare and file their returns using other information about their health insurance. Individuals do not have to wait for their Form 1095-B or 1095-C in order to file.

If you would like overall tax advice coming into this tax season, please ask Ashlee Faulkner, Shareholder at TLC for a great recommended professional that will fit with your needs.

With all of the changes in health care recently, if you would like to be confident you’re with the best health insurance broker, please also reach out to Ashlee for a recommended agent that knows the ins and outs of ACA and can find you the right plans for your business.

Related:  Leave Without Getting Lost: Your Road Map to the New Employer Tax Credit for FMLA Leave

To contact Ashlee Faulkner, please email Ashlee@myTLCteam.com


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