No matter what size of an organization you are, changes made to government rules and regulations have the ability to cause a lot of headaches and are costly if missed. The Affordable Care Act is one regulation that has seen its fair share of changes. Even with the expressed lack of interest in continuity from the new President, there are still deadlines that are required to be hit until it is officially changed. Additionally, there were some slight tweaks and extensions made in 2016 that affect due dates and other submission deadline times for this year.
And for posterity, the ACA affects all businesses with fifty or more full-time employees and requires said employers to provide health insurance to at least 95% of those employees and their dependents. Failure to do so could be subject to a fee or fine.
Here are some key dates to keep in mind as we head into tax season in full force.
January 31, 2017 deadline now March 2 – Form Distribution
The deadline for employers to distribute the proper ACA reporting forms to employees has been moved from January 31, 2017 to March 2, 2017. The thirty-day extension provides some extra padding for employers to ensure they get the right documents sent out, including forms 1095-B and 1095-C.
February 28, 2017 – Paper Filing
If filing on paper, forms 1094-B, 1095-B, 1094-C and 1095-C are due to the IRS. Considering this date is now earlier than the above form distribution deadline, electronic filing might make more sense as companies are not obligated to getting you the necessary documentation until March 2.
March 31, 2017 – Electronic Filing
If filing electronically forms 1094-B, 1095-B, 1094-C and 1095-C are due to the IRS.
Government policies could change at some point in the future, but for now and this year’s tax season this list of dates should remain consistent and a good reference point for any business trying to understand the compliance landscape. ACA reporting isn’t the easiest, but with enough forward planning and some of the given extensions, your business should be ready to get through the tax season.