Earlier this week the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced a limited extension of the early 2016 due dates for the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA), or, Obamacare.
Specifically, this action extends by two months the February 1 due date for employers and issuers to provide individuals with forms reporting on offers of health coverage and coverage provided. The February 29 and March 31 deadlines for reporting this information to the IRS (by paper or electronically, respectively) are extended by three months.
The extension benefits organizations that are subject to the reporting requirements, generally speaking those with fifty (50) or more full-time/full time equivalent employees and/or organizations that self-insure.
The vast majority of individual taxpayers will not be affected by this extension. Like last tax filing season, most individuals will simply check a box on their tax return indicating they had health coverage for the entire year. These forms provide individuals with a record of their health coverage but do not need to be attached to the tax return. This notice also provides guidance to the limited number of individuals who might be affected by the extension. In particular, individuals who file their tax returns relying on other information about their health care do not need to amend their returns.
HR One can help your organization to determine the portions of the ACA which your organization is subject to and what, if any, reporting requirements you may be subject to. For HR One payroll clients, our Payentry system has the tools that can actually assist you in completing the reporting and filing requirements.