Whoever expected the Internal Revenue Service (IRS) to come bearing New Year gifts!? It goes to show that miracles do happen, sometimes!
On Dec 28, 2015, the IRS informed employers that the due dates established for 2015 information reporting requirements under the Affordable Care Act (ACA) have been extended. Now, employers can enjoy an extra two months to furnish forms to individuals and another three months before they file the forms for the IRS.
Background Information on ACA Reporting Requirements:
Let us look at what the existing rule said and what the extended new dates are:
Employers who have requested for extensions need not wait for their individual requests to be granted formally as these new dates come into force automatically. Those who are well prepared and ready to turn in their reports can go ahead and submit them. The employers, insurers and other providers of coverage who need more time to adapt and implement systems and gather, analyze and report the information can use the additional time to achieve their goals.
Let us look at some of the other assurances from the IRS to employers with regard to their efforts to meet the tenets of the Affordable Care Act.
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