How great their benefits package is. Here’s a breakdown of the most common terms found on a health insurance definitions policy...
IRS Extends Deadline for Reporting ACA Info
The IRS extended due dates for employers to provide 2015 ACA-compliant health coverage information.
Dec 28, 2015: The IRS extended due dates for employers to provide 2015 health coverage information to both individual tax payers and to the IRS. Although individual taxpayers will not be harmed by this extension, some may not receive their Form 1095-B or –C by the time they have their 2015 tax returns ready to file. They may, however, use other information about their health insurance to prepare and file their returns. See the full notice below:
IRS Extends Due Dates for New 2015 Information Reporting Requirements
On Dec. 28, the IRS 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.
Individual taxpayers will generally not be affected by this extension and should file their tax returns as they normally would.
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.
The IRS has not extended the due dates for Health Insurance Marketplaces to issue Form 1095-A. Individuals who enrolled for coverage through the Marketplace should receive Form 1095-A by February 1, 2016 and should wait to file their returns until the receive their Form 1095-A.