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Have you provided your clients with options to meet their ACA 1094 & 1095 reporting options? Do you know most ACA reporting services are not taking on any more new clients after November 30, 2016?

If your clients are looking for a solution for the pending ACA reporting to the IRS, LISI offers solutions through several of our trusted partnerships with PrimePay, Sterling Administrators, EaseCentral and TASC.

Key dates to know:

  • 2016 Forms 1095-B and 1095-C: Deadline to Furnish to Individuals:

Standard Due Date: January 31, 2017 — Extended Due Date: March 2, 2017*

  • 2016 Forms 1094-B and 1094-C (+Copies of Forms 1095-B/1095-C):

Deadline to File with IRS by Paper – February 28, 2017

  • 2016 Forms 1094-B and 1094-C (+Copies of Forms 1095-B/1095-C):

Deadline to File with IRS Electronically (Required for 250 or More Returns) – March 31, 2017

* On November 18, 2016, the IRS issued Notice 2016-70 – extending the deadline for reporting for 2016 information-reporting requirements. This extension applies for tax year 2016 only.

Employers can obtain an automatic 30-day extension of time to file forms to the IRS by completing Form 8809 — Application for Extension of Time To File Information Returns. This form must be filed in advance of the due date for the returns. It should be filed as soon as an employer determines that an extension of time is necessary.

The IRS has also extended “good faith transition relief” for another year. Notice 2016-70 clarified that the relief applies to “missing and inaccurate taxpayer identification numbers and dates of birth”

While this extension is welcomed news for many employers, the IRS still encourages employers to furnish the 2016 statements as soon as possible. In Notice 2016-70, the IRS states that it will apply a reasonable cause analysis when determining the penalty amount for late filers and would take into account if employers took reasonable efforts – such as gathering and transmitting data to an agent/vendor or testing its own ability to transmit information to the IRS – to prepare for the filing.

 

Information on ACA Services available through our LISI Partners.

PrimePay Compliance Navigator

Sterling ACA Compliance Services

TASC ACA Reporting

 

Contact your LISI Sales Team for more information.