Upcoming ACA Reporting Deadlines - Compliance Alert - Apex Benefits

Compliance Alert: Upcoming ACA (Affordable Care Act) Reporting Deadlines

Compliance Alert Head
Compliance Alert Head

OVERVIEW

Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2019 calendar year is due in early 2020. Specifically, reporting entities must:

  • File returns with the IRS by Feb. 28, 2020 (or March 31, 2020, if filing electronically)
  • Furnish statements to individuals by March 2, 2020

Originally, individual statements were due by Jan. 31, 2020. However, on Dec. 2, 2019, the Internal Revenue Service (IRS) issued Notice 2019-63 to extend the furnishing deadline by 31 days. Notice 2019-63 does not extend the due date for filing forms with the IRS for 2019. Notice 2019-63 also provides additional penalty relief related to furnishing 2019 forms to individuals under Section 6055.

 

ACTION STEPS

Despite the delay, the IRS is encouraging reporting entities to furnish statements as soon as they are able. No request or other documentation is required to take advantage of the extended deadline.

 

HIGHLIGHTS

  • The deadline for filing returns with the IRS for 2019 is Feb. 28, 2020, if filing on paper, or March 31, 2020, if filing electronically.
  • The deadline for furnishing individual statements for 2019 was extended to March 2, 2020.
  • The IRS is encouraging reporting entities to furnish statements as soon as they are able.

 

IMPORTANT DATES

  • March 2, 2020 | Deadline for furnishing 2019 Forms 1095-B and 1095-C to individuals
  • February 28, 2020 | Deadline for 2019 filing with the IRS in paper form
  • March 31, 2020 | Deadline for 2019 filing with the IRS electronically

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Additional Compliance Alert:

Cadillac Tax and Other Key ACA Taxes Repealed

 

OVERVIEW

On Dec. 20, 2019, President Trump signed into law a spending bill that prevents a government shutdown and repeals the following three taxes and fees under the Affordable Care Act (ACA):

  • The Cadillac tax on high-cost group health coverage, beginning in 2020
  • The medical devices excise tax, beginning in 2020
  • The health insurance providers fee, beginning in 2021.

The law also extends PCORI fees to fiscal years 2020-2029.

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