Good news for employers still wrestling with the Affordable Care Act and its implication on business: The federal government has extended the deadlines for some employers to report on ACA compliance.
Certain employers — those with 50 or more full-time equivalent employees — must now provide information to their employees about the health insurance they offer by March 31, 2016. The deadline had been Feb. 1, 2016.
The deadlines for reporting this information to the IRS also have been extended three months. For those filing by paper, the deadline is now May 31, 2016, while electronic reports are due June 30, 2016. Previously, the deadlines were Feb. 29 for paper filings and March 31 for electronic filings.
In order to comply with the ACA, applicable large employers (ALEs), defined as having 50 or more full-time equivalent employees, are required to offer their employees health care insurance and to report details of those offers and coverage to the federal government.
Under rules issued in 2014, ALEs must provide their employees with information about the health coverage they offered or did not offer to employees in 2015. To meet that requirement, ALEs must furnish IRS Form 1095-C to employees and file copies along with Form 1094-C with the IRS.
Failure to comply with the reporting requirements can result in significant fines.
