FROM THE MIND OF MORDO
The IRS had announced that the deadline to mail the 1095 statements has been extended 30 days, from January 31st, 2018 to the new deadline date of March 2nd, 2018.
This extension applies to both 1095-C and 1095-B statements
Good Faith Transitional Relief
The IRS announced that it will continue its policy of waiving reporting-related penalties on entities that completed the reporting process on time and made good-faith efforts to provide accurate information. In determining good faith, the IRS will consider whether an employer made reasonable efforts to prepare for reporting the required information, such as providing data to a third-party, as well as the steps the employer is taking for compliance for 2018 reporting.
Implications of the new Tax Bill
The tax bill that was signed into law on 12/22/17 eliminates the tax penalty for folks who do not enroll in Minimum Essential Coverage starting January 1, 2019. Therefore, the individual mandate penalties are still in force in 2018. Individuals who go without health coverage for 3 months or longer in 2018 will still have to pay a penalty (unless they qualify for an exception).
The employer mandate still applies. Applicable large employers (ALEs) will continue to face penalties for failure to offer affordable coverage providing minimum value to their full-time employees. The section 6055 and 6056 reporting requirements continue to apply. Applicable large employers, employers of any size that provide self-funded and level-funded plans, and insurance carriers are still required to issue the applicable 1095 forms and file those forms with the IRS.
For additional information, questions or concerns, please feel free to contact David Mordo at firstname.lastname@example.org or 732-837-9229Back to Posts