IRS EXTENDS FORM 1095 PROVISION & FILING DATES

[Lee B]

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.

The IRS is prepared to accept information reporting Forms 1094-B, 1095-B, 1094-C, and 1095-C beginning in January 2016.  However, following consultation with stakeholders, we have determined employers, insurers, and other providers of minimum essential coverage need additional time to adapt and implement systems and procedures to gather, analyze, and report this information.  Information providers that are prepared to furnish the forms to individuals and file them with the IRS prior to the extended due date are encouraged to do so rather than waiting for the new due dates.

The IRS is informing individual taxpayers that due to these extensions, they may not receive a Form 1095-B or Form 1095-C by the time they are ready to file their 2015 individual income tax return. While the information on these forms may assist in preparing a return, they are not required to file. 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.

 

 

 

 

 

Employer Topics

 

 

[Lee B]

Now we will have to decide what "other information" constitutes due diligence ?

[easytax]

7 minutes ago, cbslee said:

Now we will have to decide what "other information" constitutes due diligence ?

According to many articles and IRS comments - these may be something as simple as insurance cards, bills, etc.   I am going with trusting "old" clients and asking a lot of new clients -- but bottom line is --if they seem plausible, then in this case they are ---- as the government can second guess BUT since no direct guidance -- my "feelings" are fair game too.

 

[easytax]

Just tried to edit above but apparently timed out. Here is what would be the edit info.

Under "best practices" 5000a there is a decent listing of what might be used.  Also here is an ACA interactive guide I believe from Pro-Series:  https://intuitcorp.quickbase.com/db/bjbbcmui8?a=dbpage&pageID=6&rid=35