Good News! – But Stay the Course – IRS Notice 2016-70 Provides Reporting Extension Under Codes 6055 of the Internal Revenue Code
By Dave Barchet
Put into simple terms, the Department of the Treasury and the Internal Revenue Service have determined that employers and insurers need additional time beyond the January 31, 2017 due date to gather and analyze the information and prepare the 2016 Forms 1095-B and 1095-C to be furnished to individuals.
What is the new Due Date?
This notice extends, by 30 days, the due date to furnish the 2016 Form 1095-B and the 2016 Form 1095-C, to March 2, 2017.
Does this notice provide an extension for the submission of these forms to the IRS?
No, the submission due date for 2016 Forms 1094-B, 1095-B, 1094-C and 1095-C to the IRS remains February 28, 2017 (if not filing electronically), or March 31, 2017 (if filing electronically).
While this extension is welcomed, the IRS and Treasury specifically encourage employers to furnish the 2016 statements as soon as they are able.
If you have questions about this, please call your Findley Davies consultant.