The deadlines for submittingIRS Forms 1094 and 1095have been extended! They are the IRS forms for reporting Affordable Care Act (ACA) information for 2015. This is welcome news for the thousands of businesses completing these forms for the first time.

New due dates for IRS forms

Small and large businesses have different reporting requirements (1-50 employees, and more than 50 employees, respectively).HealthCare.govand our payroll blog post offer information about business size and ACA, so you can figure out which forms and deadlines apply to you.

• IRS Forms 1095-B and 1095-C sent to individuals – the new due date isMarch 31, 2016(instead of February 1st).
• IRS Forms 1094-B, 1095-B, 1094-C, and 1095-C sent to the IRS – the new due date isMay 31,2016,if NOT filing electronically(instead of February 29th).
• IRS Forms 1094-B, 1095-B, 1094-C, and 1095-C sent to the IRS – the new due date isJune 30, 2016,if filing electronically(instead of March 31st).

7 things you need to know

TheIRS Notice 2016-4includes more than the news of the deadline extensions. Here are 7 key points from the eight-page document.

1. Minimum essential coverageis the buzzword when it comes to the requirements of the Affordable Care Act. The notice reminds individuals that they need to submit proof of coverage. If you are providingminimum essential coveragefor your employee(s), that proof may come from you.
2. The IRS strongly encourages businesses to take advantage of the extension and be sure thatall IRS forms are completed accurately.
3. Despite the extension, the IRS will beready to accept forms in January of 2016.
4. The notice states that there will be处罚晚提交.
5. If your IRS forms are tardy, you are still encouraged to get them submitted. The notice explains thatextenuating circumstances will be considered, and penalties could be reduced or waived. Your efforts to comply will be recognized.
6. Can your employees file their income tax returns before receiving IRS Form 1095? The notice talks about that too. (Yes, they can file without Form 1095, even if they are asking for the premium tax credit.)
7. You are also asked to submit your forms to the IRS and distribute statements to employees as soon as they are ready.

One last thing, your small business might qualify for theSmall Business Health Care Tax Creditif you purchased employee health insurance through the SHOP Marketplace (small business health options program).

For more information

It’s great to have extra time to figure out your responsibilities with ACA and to get the right numbers on the right IRS forms. Here are a couple resources that may be helpful.

• You can readWhat You Need to Know About ACA Tax Formsfor a breakdown on completing the forms.
• The IRS website is a good resource. You may want to starthereand click on the additional links provided.

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