In a move sure to brighten the outlook for many employers, the IRS has delayed the necessity of supplying forms to individuals and the IRS until March or later. The IRS said that in their announcement “that some employers, insurers, and other providers of minimum essential coverage need additional time to adapt and implement systems and procedures to gather, analyze, and report this information.”
The new time frame
Employers were to have provided the 2015 Form 1095-B, Health Coverage, and the 2015 Form 1095-C, Employer Provided Health Insurance Offer and Coverage to individuals by February 1, 2016. That has been extended to March 31, 2016. The forms 1094 and 1095 to be sent to the IRS are delayed until June 30, 2016 for electronic filers and May 31, 2016 for non-electronic filers.
Everyone should note that the penalty for not filing on a timely basis of $250 is still in place but this delay will help employers avoid these fines.
The IRS will take the forms
If you happen to be ahead of the curve already, congratulations, the IRS will accept them from you. Most likely many employers can make good use of the extra time.
If you wish to read the entire IRS release you can find it here.