Tax season is upon us and the IRS has many different rules and regulations about properly filing the various forms that are required for medical coverage. While you want to make sure you have a great MI Group Health Plan, being aware of changes in filing deadlines can help you to avoid costly fees.
On December 28th The IRS sent out notice that it is delaying the due dates for filing forms under Section 6055 and 6056 for 2015. The new deadlines are as follows:
- March 31 2016- Furnishing Forms 1095-B and 1095-C to individuals
- May 31 2016- Filing paper Forms 1094-B, 1095-B, 1094-C, 1095-C with the IRS
- June 30 2016- Electronically filing Forms 1094-B, 1095-B, 1094-C, 1095-C with the IRS
It should be noted that Section 6055-B forms are the responsibility of the insurer while Section 6056-C forms are the responsibility of Applicable Large Employers. Completing all section of the 1094-C form will satisfy 6055 and 6056 requirements for self-funded plan sponsors.
While the new deadlines are more generous than prior extensions and give you more time to properly complete the forms required, the IRS encourages coverage providers and employers to file as soon as the forms are completed. There is no need to file a formal request for an extension as these deadlines automatically apply to all reporting entities. If you have already sent in a formal request for an extension, you will not be receiving a formal approval for the request.
The IRS is prepared to accept filings of required forms as of the beginning of January, however they feel that some employers, insurers and other minimum essential coverage providers need some additional time to implement and adapt to new systems and procedures needed to gather, analyze and report needed information.
The IRS has said that they will not issue penalties against reporting entities that have made good faith efforts towards the requirements. This only applies to furnishing or filing incorrect or incomplete forms, not for failing to furnish or file in a timely fashion. The penalties that are issues may however be waived if there failure to furnish or file is due to reasonable cause.
At Capital Insurance Group, we understand how important it is correctly file all required tax forms in a timely fashion. Call us today at 888.296.0418 for more information on our policies.