The IRS extended a 2021 deadline for Affordable Care Act 2020 reporting required under Sections 6055 and 6056. The reporting requirements apply to employers with 50+ employees, i.e., Applicable Large Employers, and employers who provide self-insured health coverage. The extension and other guidance was issued in Notice 2020-76; highlights include the following:

  • Forms 1095-B and 1095-C furnished to individuals are due by March 2, 2021 (instead of January 31, 2021)
  • Forms 1094-B, 1095-B, 1094-C and 1095-C remain due to the IRS by February 28, 2021 (or March 31, 2021 if filed electronically). However, as permissible in prior years, reporting entities can submit Form 8809 to the IRS for an automatic 30-day extension.
  • The IRS will not assess a Section 6722 penalty for failure to furnish a Form 1095-B to individuals, at this time, if the reporting entity:
    1. posts a notice prominently on its website to notify individuals that they may request a copy of their 2020 Form 1095-B, including contact and other specific information; and
    2. furnishes a 2020 Form 1095-B to individuals within 30 days of receipt of the request.
  • This year is intended to be the last year that Sections 6721 and 6722 transitional penalty relief will be provided for forms that are timely furnished to the IRS and individuals but contain incorrect or incomplete information, where good-faith efforts were made.
  • The Treasury Department and IRS request comments by February 1, 2021 about whether deadline extensions for furnishing the forms to individuals is necessary for future years.

Draft forms have been issued but cannot be used for actual filing; awaiting final forms.

 

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